The UK pet insurance market was relatively consolidated in 201112, both in terms of underwriters and consumer-facing brands. Due to stagnant subscriber growth, insurers are targeting the same customers, and movement in the market is coming from churn. The pet insurance market has reached a point where it needs to increase product penetration in order to grow.
Gage the performance of the top pet insurance underwriters in terms of their GWP.
Ensure your strategy differentiates your business from your competitors in this market.
Gain insight into the major developments that will influence competitors active in this space in 2013 and beyond.
Which companies were the top players in the pet insurance market in 2011 and 2012?
Who were the movers and shakers increasing market share during this period?
What will be the developments shaping the competitive landscape in 2013 and beyond?
RSA increased its GWP by 150% following its partnership deal with Tesco Bank, which lifted it to second place.
Direct Line Group was the biggest loser of 2011, with its market share dropping from 31.8% in 2010 to 17.0% in 2011 after it was replaced as Tesco Banks pet insurance underwriter.
Insurers are expected to focus on keeping loss ratios in check in 2013, as books of business across the industry mature and pressure from claims inflation persists.