UK Pet Insurance Market is Going to Boom | Allianz, RSA, Aviva, Tesco Bank

A new research document is added in HTF MI database of 43 pages, titled as 'United Kingdom (UK) Pet Insurance - Market Dynamics and Opportunities' with detailed analysis, Competitive landscape, forecast and strategies. The study covers geographic analysis that includes regions like North America, Europe or Asia and important players/vendors such as Petplan, Animal Friends, Tesco Bank, More Than, Sainsbury’s Bank, Red Sands, Allianz, RSA, Aviva, U K Insurance, Bought By Many, Waggel, Vitality, PitPat, etc.

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Summary
United Kingdom (UK) Pet Insurance - Market Dynamics and Opportunities

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 2026.

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.

Scope
- 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.

Companies Mentioned in the Report
Petplan
Animal Friends
Tesco Bank
More Than
Sainsbury’s Bank
Red Sands
Allianz
RSA
Aviva
U K Insurance
Bought By Many
Waggel
Vitality
PitPat

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Table of Contents
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
....Continued

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