UK Pet Insurance: Market Dynamics and Opportunities 2017

2017-09-11
Price :
Published : Sep-2017
No. of Pages : 38

UK Pet Insurance: Market Dynamics and Opportunities 2017

Summary

United Kingdom pet insurance market has continued to see significant growth, with gross written premiums (GWP) increasing by 7.1% in 2016. Medical inflation remains the underlying factor driving GWP upwards, with technologically improved quality of treatments and procedures being applied more commonly and driving inflationary pressure on claims costs. This has resulted in claims incurred figures outgrowing GWP, with a 7.4% increase in 2016.

Product penetration has also risen, but at a considerably slower rate than GWP or claims incurred, with the number of subscribers increasing by just 2.0%, to reach 3.4 million in 2016.

Key findings include in this report –
– The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
– Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
– Available data with regards to the UK pet population and pet ownership suggests dogs still lead the way over cats.
– Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.

Pet insurance market continued on an upward trend with regards to market size in 2016. Strong growth in GWP was seen yet again, but the market remains blighted by significant increases in the number of reported claims, which grew to record levels. The ongoing growth in GWP has been driven by the response to a tough claims environment with rising prices, as insurers look to improve returns and generate better business. The greatest issue facing this market is that insurers cannot continue raising premiums by almost 10% every year without driving customers away.

Market leader Petplan still avoids comparison sites, but has a window to them through its subsidiary, Sainsbury’s Pet Insurance. Aggregators are essential for smaller companies, both to foster brand awareness and because being absent from them can be viewed as suspicious by consumers.

The report “UK Pet Insurance: Market Dynamics and Opportunities 2017” analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, regulations, and opportunities. It discusses the leading competitors, how the market is likely to change due to rising costs and emerging technology, and provides future forecasts of market size up to 2021.

Companies mentioned in this report: RSA, Aviva, NFU Mutual, LV=, Allianz, Petplan, Bought By Many, Direct Line, E&L, BNP Paribas.

Scope
– The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
– Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
– Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.

Reasons to buy
– Keep up to date with the new trends and innovations in the market.
– Benchmark yourself against competitors.
– Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.

Filed in: Banking & Finance
Publisher : GlobalData
More Reports
Title Price Buy Now

South Africa PESTLE Insights – A Macroeconomic Outlook Report

South Africa PESTLE Insights - A Macroeconomic Outlook Report Summary Mining, manufacturing and utilities contributed 25.0% to the gross value added (GVA) in 2019, followed by financial intermediation, real estate and business activities (19.5%) and wholesale, retail and hotels activities (15%). In nominal terms, the three sectors grew by 6.0%, 5.2% and 6.3%, respectively, in 2019 The overall FTSE/JSE All Share (Johannesburg Stock Exchange) index has been exhibiting a downward trend over the last year. Global panic due to the COVID-19 pandemic caused a huge crash in the index in March 2020, however the index has recovered during April-June 2020 Scope - South Africa's air and rail networks are the largest on the continent, and its roads are in good condition. - The country's ports prov......
$500

India PESTLE Insights – A Macroeconomic Outlook Report

India PESTLE Insights - A Macroeconomic Outlook Report Summary Mining, manufacturing and utilities contributed 21.0% to the country's GVA in 2019, followed by financial intermediation, real estate and business activities (20.5%), and agriculture (15.3%). In nominal terms, the three sectors grew by 11.6%, 11.9% and 10.7%, respectively, in 2019 The Indian stock market went through a turbulent period in March 2020 due to uncertainties related to COVID-19. The BSE SENSEX declined from 39832.0 in May 30, 2019 to 33303.5 on June 1, 2020 Scope - As per the World Bank's logistics performance index (LPI), transport and logistic infrastructure in India has declined in terms of rank, from 35th in 2016 to 44th out of 160 countries in 2018. - Emerging cities such as Bangalore and Hyderabad are new......
$500

Chubb – Enterprise Tech Ecosystem Series

Chubb - Enterprise Tech Ecosystem Series Summary Chubb, a division of Chubb Limited, is a property and casualty insurance company. The company offers personal accident and supplemental health insurance, commercial and personal property and casualty insurance, life insurance, and reinsurance products to a range of clients. The company serves individuals, SMEs, large corporates, multinational corporations, and affluent and high net worth individuals. It distributes products and services through a network of offices, independent agents, general agents, brokers, and direct marketing. Its personal business lines offer insurance coverage for homeowners; personal accidents; debit, credit, and loyalty cards; supplemental health; travel; critical illness; and life. Its commercial business line o......
$1495

Hartford – Enterprise Tech Ecosystem Series

Hartford - Enterprise Tech Ecosystem Series Summary This report explores The Hartford's digital transformation strategies. It also provides extensive insight into its technology initiatives, covering partnerships and product launches. In addition, the report includes details of the company's estimated ICT budget for 2020. The Hartford is a financial holding group. Through its subsidiaries, the group provides a range of property and casualty insurance, as well as group benefits and mutual funds to individual and business customers. It serves customers via direct sales, brokers, banks, registered investment advisors, affinity partners, an internal salesforce, and independent agents. The Hartford has deployed robotic process automation across its operations to automate redundant tasks suc......
$1495

Retail Savings and Investments in Japan – (COVID-19) Impact Snapshot

Retail Savings and Investments in Japan - (COVID-19) Impact Snapshot Summary The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts, with many experts predicting the potential onset of recessionary environments. A similar trend has b......
$1495

United Kingdom (UK) Protection Insurance 2020 – Term Assurance

United Kingdom (UK) Protection Insurance 2020 - Term Assurance Summary This report focuses on the UK's term assurance market in the context of the wider protection space. It provides an in-depth assessment of the term assurance market, looking at current and historical market size with regards to changes in contracts and premiums. It examines how term assurance products are distributed, and highlights key changes in the competitive landscape, as well as the propositions of the key market players. It provides five-year forecasts of contracts and premiums to 2024, and discusses how the market, distribution, and products offered are likely to change in the future, as well as the reasons for these changes. The term assurance market experienced another year of growth in 2019, driving growth ......
$3450

Mastercard: Enterprise Tech Ecosystem Series

Mastercard - Enterprise Tech Ecosystem Series Summary Mastercard is a payment and technology company that undertakes clearing, authorization, and settlement of payment transactions. It offers a wide range of payment solutions for credit, debit, prepaid, and commercial cards; digital payments, real-time account-based payments, and payment system security; and transaction services such as cross-border and domestic transactions. It also offers value-added services such as loyalty and rewards and advisory services, such as consulting, analytics, and implementation services. Mastercard serves individuals, financial institutions, digital partners, businesses, merchants, governments, and other organizations. It has operations in the Americas, the Middle East, Africa, Europe, and Asia Pacific. ......
$1495

Retail Savings and Investments in Italy – (COVID-19) Impact Snapshot

Retail Savings and Investments in Italy - (COVID-19) Impact Snapshot Summary The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with most of countries across the world registering declines in their economic growth for the year to date. Many economists and institutions have cut their forecasts, with many experts predicting the potential onset of recessionary environments. A similar trend wa......
$1495

Retail Savings and Investments in Germany – (COVID-19) Impact Snapshot

Retail Savings and Investments in Germany - (COVID-19) Impact Snapshot Summary The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and many experts predicting the potential onset of recessio......
$1495

Retail Savings and Investments in Spain – (COVID-19) Impact Snapshot

Retail Savings and Investments in Spain - (COVID-19) Impact Snapshot Summary The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy, affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring the novel Coronavirus a pandemic on March 11, 2020. Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020, and many experts predicting the potential onset of recession......
$1495
We use cookies to deliver the best possible experience on our website.
By continuing to use this site, or closing this box, you consent to our use of cookies. To learn more, visit our Privacy Policy