The “United Kingdom (UK) Pet Insurance – Market Dynamics and Opportunities 2020” report has been added to ResearchAndMarkets.com’s offering.
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.
Both the number of policyholders and gross written premiums (GWP) decreased in 2019, while the number and cost of claims increased. With the cost of claims increasing and GWP falling, pet insurers are facing stains on their profits.
- Accounting for 74% of the market, dog insurance drove the decline in GWP for 2019 with a 7.2% decrease in policyholders. This came despite a £12 reduction in average premiums.
- The average cost of dog and cat claims was £830 and £643 respectively in 2019.
- Underwritten by Allianz, Petplan remains the market leader with 24.9% of total GWP. Petplan has maintained its position through high advertising spending.
- Going forward, growth in the market will be slow, with both number of claims and premiums increasing. The market is expected to reach GWP of £1,310m in 2024, up from £1,171m in 2019 at a compound annual growth rate (CAGR) of 2.3%.
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.
Key Topics Covered:
1. Executive Summary
1.1. The Pet Insurance Market Contracted for the First Time
1.2. Key Findings
1.3. Critical Success Factors
2. Pet Insurance Market Dynamics
2.1. Summary of the 2019 Pet Insurance Market by Product
2.2. The Uk Pet Insurance Market Contracted in 2019
2.2.1. Falling Numbers of Policyholders and Premiums Led to a Contraction in Gwp in 2019
2.2.2. The Number of Pet Insurance Policyholders Continued to Fall in 2019
2.2.3. Gwp is Dominated by Dog Insurance
2.2.4. Average Premiums Vary by Type of Pet
2.3. The Gross Cost of Claims Has Continued on an Upward Trend Despite a Fall in Frequency
2.3.1. The Number of Claims Notified Increased
2.3.2. Gross Claims in the Pet Insurance Market Increased
2.3.3. Technology Remains a Double-Edged Sword for the Industry
2.3.4. Veterinary Salaries have Had Little Impact on the Cost of Claims, but This will Change
2.3.5. The Average Claim Varies Considerably Depending on the Type of Pet
2.4. The Proportion of Dogs and Cats in Uk Households Has Decreased
2.4.1. Both the Number of Cat and Dog Pets Has Decreased in the Uk
2.4.2. The Potential Size of the Pet Insurance Market is Almost Three Times Its Current Value
2.4.3. Obesity Within the Uk Pet Population is an Increasing Problem
3. Competitor Dynamics
3.1. The Structure of the Uk Pet Insurance Market
3.1.1. Allianz is the Market Leader, Largely because of Sales Through the Petplan Brand
3.1.2. The Top Three Providers Continue Tohave Very Similar Offerings
3.1.3. Virtual Veterinarian Services are on the Rise
3.1.4. Sainsbury’s Launches New Lifetime Pet Insurance Products and Services
3.1.5. Bought by Many Continues to Deliver the most Innovate Policies in the Pet Market
3.1.6. Waggel Partners with Firstvet
3.2. The Leading Players have the Greatest Marketing Expenditure
4. The Market Going Forward
4.1. The Market is Set to Continue Growing
4.1.1. Total Market Gwp is Forecast to Reach £1.3Bn in 2024
4.1.2. Policy Numbers will Fall Slightly
4.2. The Cost of Claims will Continue to Increase
4.2.1. Dog Insurance Claims Incurred will Reach £847Mby 2024
4.2.2. Cat Insurance Gross Claims Incurred will Reach £157M by 2024
4.2.3. The Number of Claims is Expected to Fall Slightly in the Other Pet Segment
4.3. Reducing Costs will be Key for Pet Insurers
4.3.1. Pet Insurers should Replicate Innovation Seen in the Private Medical Insurance Market
4.3.2. Blockchain can Reduce Costs and Improve the Customer Experience
4.3.3. Social Media could Allow Insurers to Target Digital-Savvy Individuals and Educate Pet Owners
- Animal Friends
- Tesco Bank
- More Than
- Sainsbury’s Bank
- Red Sands
- U K Insurance
- Bought By Many
For more information about this report visit https://www.researchandmarkets.com/r/i8rk7n
Laura Wood, Senior Press Manager
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900