The pet insurance market is expected to have seen little change in terms of product penetration or number of policies in 2013 or 2014. Insurers report ongoing claims inflation, driven by advancements in veterinary treatments. Key for the market is the development of avenues to improve product take-up, targeting the estimated two thirds of dog and cat owners without insurance.
Ensure that your strategy maximizes on existing and emerging opportunities in pet insurance.
Inform your approach to the market with a view of the key issues impacting on the pet insurance space.
Map your business plan and expected performance against Verdict Financial's market sizing and forecasted GWP figures.
How has the pet insurance market grown in the past year, and how is it expected to fare in the years leading up to 2018?
What are the key issues that will shape the market in 2014 and beyond?
The size of the pet insurance market stood at 789.6m in 2013. Market experts interviewed by Verdict Financial confirmed that a GWP growth rate of between 910% occurred in 2013, much in line with the year-on-year trend in market growth seen since 2010.
The pet insurance market is expected to have seen little change in terms of product penetration or the number of policies in 2013 and 2014. Experts interviewed place dog insurance penetration somewhere between 3045%, while cat insurance take-up is considered to be 1525%.