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UK Pet Insurance: Market Dynamics and Opportunities 2017

UK Pet Insurance: Market Dynamics and Opportunities 2017

  • September 2017
  • 38 pages
  • ID: 4012193
In this report:
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UK Pet Insurance: Market Dynamics and Opportunities 2017

Brief

United Kingdom pet insurance market has continued to see serious growth, with gross written premiums growing by 7.10 percent in 2016. Medical inflation remains the underlying factor driving GWP upwards, with technologically improved quality of treatments and procedures being applied more commonly and driving inflationary pressure on claims costs. This has resulted in claims incurred figures outgrowing GWP, with a 7.40 percent increase in 2016.

Product penetration has also risen, but at a considerably slower rate than GWP or claims incurred, with the number of subscribers rising by just 2.00 percent, to reach 3.4 million in 2016.

Key findings include in this business report -

- The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle growing medical costs.

- Having previously been under-represented on price comparison sites, several pet providers now see them as a central distribution channel.

- Available data with regards to the UK pet population and pet ownership suggests dogs still lead the way over cats.

- Insurtech is entering the sector with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.

Pet insurance market continued on an upward trend with regards to market size in 2016. Strong growth in GWP was seen yet again, but the industry remains blighted by meaningful increases in the number of reported claims, which grew to record levels. The ongoing growth in GWP has been driven by the response to a tough claims environment with increasing prices, as insurers look to improve returns and generate superior business. The greatest issue facing this sector is that insurers cannot continue raising premiums by almost 10.0 percent every year without driving customers away.

Market leader Petplan still avoids comparison sites, but has a window to them through its subsidiary, Sainsbury's Pet Insurance. Aggregators are vitally for smaller companies, both to foster brand awareness and because being absent from them can be viewed as suspicious by consumers.

The market research "UK Pet Insurance: Market forces and Opportunities 2017" examines the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, regulations, and alternatives. It discusses the leading competitors, how the sector is likely to change due to growing costs and emerging technology, and provides future forecasts of market size up to 2021.

Firms mentioned in this industry report: RSA, Aviva, NFU Mutual, LV=, Allianz, Petplan, Bought By Many, Direct Line, E&L, BNP Paribas.

Overview

- The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle increasing medical costs.

- Having previously been under-represented on price comparison sites, various pet providers now see them as a important distribution channel.

- Insurtech is entering the industry with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.

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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