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UK Pet Insurance: Market Dynamics and Opportunities 2018

UK Pet Insurance: Market Dynamics and Opportunities 2018

  • June 2018
  • 40 pages
  • ID: 4012193
In this report:
The increase in gross claims will be fueled by the rising cost of veterinary treatment, as the number of claims notified is expected to climb by ##% from ##,## in 2018 to ##,## in 2022, while the gross cost of claims is forecast to increase by ##% in the same period, highlighting that the cost of treatment is rising at a far greater rate than the number of claims.
The UK pet insurance market grew by ##.##% from £##,##m in 2016 to £##,##m in 2017, with the key drivers behind the growth being an increasing number of policies and higher average premiums.

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UK Pet Insurance: Market Dynamics and Opportunities 2018

Brief

This industry report examines the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, and alternatives. It discusses competitors in the industry, how the sector is likely to change due to growing 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 global market gross written premiums of £1,190m - an increase of 13.80 percent compared to 2016. The number of policies also grew considerably by 10.90 percent to reach 3.76 million. Yet there is still considerable potential for farther growth as the majority of pets in the United Kingdom (UK) remain uninsured. Medical inflation remains one of the principal driving forces behind the increase in GWP, with insurers passing on the cost to policyholders. The sustainability of premium increases endures as this market's greatest challenge and threat.

Overview

- The dog insurance market represents the biggest percentage of the global pet insurance market. With the UK population of cats and dogs projected to be similar in size, product uptake appears to be lowest in the cat market, while premiums are bigger in the dog market.

- The growing cost of pet healthcare is likely to drive increase within the industry. 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 including health insurance in order to expand solutions to combat the increasing cost of claims. Technological developments including wearable devices offer a main opportunity.

Great reasons to purchase

- Keep up to date with the additional trends and innovations in the sector.

- Benchmark yourself against competitors.

- Learn about increase in all aspects of the market, what is driving it, and whether it looks set to continue.

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