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(MoneyNewsWire.Net, July 04, 2018 ) Summary:
This report analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, and opportunities. It discusses competitors in the market, how the market is likely to change due to rising costs and emerging technology, and provides future forecasts of market size up to 2022.
The UK pet insurance market experienced another year of growth in 2017, with total market gross written premiums (GWP) of £1,190m - an increase of 13.8% compared to 2016. The number of policies also grew considerably by 10.9% to reach 3.76 million. Yet there is still considerable potential for further growth as the majority of pets in the UK remain uninsured. Medical inflation remains one of the main driving forces behind the increase in GWP, with insurers passing on the cost to policyholders. The sustainability of premium increases endures as this marketís greatest challenge and threat.
Bought By Many
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- The dog insurance market represents the largest percentage of the total pet insurance market. With the UK population of cats and dogs estimated to be similar in size, product uptake appears to be lowest in the cat market, while premiums are higher in the dog market.
- The increasing cost of pet healthcare is likely to drive growth within the market. Uninsured owners will feel the squeeze, resulting in an increase in uptake as owners begin to realize the benefits of insurance.
- Insurers could look to other markets such as health insurance in order to develop solutions to combat the rising cost of claims. Technological developments such as wearable devices offer a major opportunity.
Reasons to buy:
- Keep up to date with the new trends and innovations in the market.
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- Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.
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Table of Content:
1. EXECUTIVE SUMMARY 2
1.1. Market summary 2
1.2. Key findings 2
1.3. Critical success factors 2
2. THE PET INSURANCE MARKET 7
2.1. The UK pet insurance market continued to grow in 2017 7
2.1.1. UK pet insurance GWP reaches its highest point 7
2.1.2. Another year of growth for the number of policies written 9
2.2. The gross cost of claims continues on its upward trend 12
2.2.1. Further advancements in treatments are fueling an increase in the cost of claims 12
2.2.2. Veterinary salaries have had little impact on the cost of claims 14
2.2.3. The average claim varies considerably depending on the type of pet 15
2.3. Summary of the current market 16
2.4. The UK pet population has increased in 2018 18
2.4.1. The number of households with at least one pet has also risen 18
2.4.2. Obesity within the UK pet population is a hidden problem 20
3. COMPETITOR PROFILES 22
3.1. There has been little change in terms of the dominant players 22
3.1.1. Allianz and RSA remain the main players in the market 22
3.1.2. Bought By Many brings a new approach to the market 23
3.1.3. Animal Friends also aims to streamline the claims process 24
3.2. The market leaders have the greatest marketing expenditure 24
4. THE FUTURE MARKET 26
4.1. The market is set to continue growing 26
4.1.1. Total market GWP is forecast to reach £1.7bn in 2022 26
4.1.2. Policy numbers will continue rising 27
4.2. The claims landscape will become increasingly challenging 29
4.2.1. Dog insurance claims are forecast to increase through to 2022 31
4.2.2. Cat insurance 33
4.2.3. The number of claims is expected to fall for other pet-related claims 34
4.3. Other markets could hold the answer to reducing claims 36
4.3.1. Health insurance products could be replicated by pet insurers to reduce claims 36
4.4. Different avenues could be utilized to increase product uptake 37
4.4.1. Pet insurance in the US is becoming an increasingly popular employee benefit 37
4.4.2. Social media could allow insurers to target the uninsured and educate owners 37
5. APPENDIX 38
5.1. Abbreviations and acronyms 38
5.2. HHI 38
5.3. Forecasting methodology 39
5.4. Bibliography 39
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