UK Pet Insurance: Market Dynamics and Opportunities 2018
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 markets greatest challenge and threat.
- 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.
- Benchmark yourself against competitors.
- Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.