UK Pet Insurance Research Report: Market Dynamics, Size, Shares, Analysis, Forecast and Opportunities 2016ResearchMoz added Latest Research Report titled " UK Pet Insurance: Market Dynamics and Opportunities 2016 " to it's Large Report database.
2015 saw the UK Pet Insurance Market continue to grow, with gross written premiums (GWP) increasing by 6.3% from 853m in 2014 to 910m in 2015. Medical inflation remains the underlying factor driving GWP, with the quality of medical treatments and veterinary procedures influencing cost greatly and sparking inflationary pressure. Product penetration has also grown, with the number of policy subscribers continuing its upward trend from 2012 to reach 3.4 million an increase of 8.7% from 2014. The market has been battling to increase product take-up and is vying to maintain distribution output by increasing the availability of policies on direct propositions and price comparison sites. Aggregators still serve the pet space, but while many of the smaller providers continue to place more of their business onto these platforms, the major players are still refraining from using price comparison sites as a means of product distribution with good reason.
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Medical costs and pet care continue to influence the cost of claims significantly, and as a result encourage insurers to raise the price of their premiums.
The pet insurance market is expected to break the 1bn mark for the first time in 2016 as insurers continue to battle rising costs.
Pet insurance is not well served on price comparison sites and is not typically viewed by customers as a commodity more care and attention is required before purchasing.
Much of the available data with regards to the UK pet population and pet ownership suggests dogs now lead the way over cats, after the roles were reversed in 2014.
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Table of Contents
The UK pet insurance market continues to grow amid the rising cost of claims
Critical success factors
THE PET INSURANCE MARKET
UK pet insurance continues to grow, but claims are having a damaging effect
Claims inflation continues to challenge GWP growth in the pet space
Pet insurance GWP grew 6.7% to 910.1m in 2015
Advances in medical treatments continue to drive claims costs
Insurer losses in the pet insurance market increased significantly in 2015
The UK pet population has fallen from 2014
Dog ownership is now higher than cat ownership
Compulsory micro chipping is shaping the way owners track and monitor their dogs
Northern Ireland has the highest dog count in the UK at over one third of the population
Pet insurance take-up increased significantly from 2014
Take-up was spurred by the need to avoid heavy vet bills and access better treatment
Customers are leaning more towards lifetime policies
ECONOMIC CONDITIONS AND DYNAMICS OF THE MARKET
Costly vet treatments are encouraging insurers to take control of the market
RSA aims to manage the cost of pet insurance with the launch of a new scheme
Insurers must work closer with vet practices to have better control of costs
Pricing needs to be more transparent for pet insurance customers
The corporatization of the pet space and a lack of skills are contributing to price increases
Pet insurance is seen as a low-ticket item but does not fit the aggregator mold
Price comparison sites fail to serve the pet space as they do other personal lines
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