UK Pet Insurance: Market Dynamics and Opportunities 2019

2019-09-27
Price :
Published : Sep-2019
No. of Pages : 43

UK Pet Insurance: Market Dynamics and Opportunities 2019

Summary

This report analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, and pet ownership. It discusses competitors in the market, explores how the market is likely to change due to rising costs and emerging technology, identifies opportunities in the pet insurance space, and provides future forecasts of market size up to 2023.

The UK pet insurance market experienced a flat year in 2018, with total market gross written premiums (GWP) of £1,193m – an increase of just 0.3% compared to 2017. The number of pet insurance policyholders shrunk in 2018, and the average pet insurance premium dropped for the first time in eight years.

The pet insurance market is dominated by a few key players that are likely to maintain their position in the coming years. The main concern for insurers will be rising claims costs, with both gross claims cost and average claims cost steadily increasing over the past five years. And this trend is expected to continue going forward. Increasing rates of obesity among pets is a key concern, and insurers need to encourage owners to provide a healthy lifestyle for their pets in order to tackle the rising costs they face.

Scope

– Dog insurance represents the largest proportion of the total pet insurance market, accounting for 75% of GWP. Cat insurance only accounts for 18% of GWP even though the UK’s dog and cat populations are comparable.
– The average cost of a dog and cat claim are £798 and £632 respectively. Claims costs for other pets are notably higher.
– Petplan was the largest pet insurer in the UK in 2018 with a 35.5% share of GWP.

Reasons to buy

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

Filed in: Banking & Finance, Insurance
Publisher : GlobalData
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