UK Pet Insurance: Analyzes the Market Dynamics, Size, Growth, Competitors, Emerging Technology and Opportunities 2017
UK Pet Insurance: Market Dynamics and Opportunities 2017
"UK Pet Insurance: Market Dynamics and Opportunities 2017", analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, regulations, and opportunities. It discusses the leading competitors, how the market is likely to change due to rising costs and emerging technology, and provides future forecasts of market size up to 2021.
The 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 market remains blighted by significant 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 rising prices, as insurers look to improve returns and generate better business.
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- The pet insurance market broke the 1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
- Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
- Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.
Reasons to buy
- Keep up to date with the new trends and innovations in the market.
- Benchmark yourself against competitors.
- Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.
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Table of Contents
1. EXECUTIVE SUMMARY 3
1.1. UK pet insurance continues to grow amid rising claims costs 3
1.2. Key findings 3
1.3. Critical success factors 3
2. THE PET INSURANCE MARKET 8
2.1. UK pet insurance broke through the 1bn mark, but claims are outgrowing premiums 8
2.1.1. Insurers are facing an increasingly saturated market 9
2.2. Claims inflation continues to challenge GWP growth in the pet space 9
2.2.1. Pet insurance GWP grew 7.1% to 1,045m in 2016 9
2.2.2. Advances in medical treatments continue to drive claims costs 11
2.2.3. Vet salaries falling despite fees increasing highlights the squeeze on profits 11
2.2.4. Insurer losses continue gradual ascent as profit margins tighten 16
2.3. The UK pet population has fallen every year since 2013 17
2.3.1. Dog ownership remains higher than cat ownership 17
2.3.2. Lifestyle is key to explaining choice of pet 20
2.3.3. Compulsory microchipping is shaping the way owners track and monitor their dogs 21
2.3.4. Northern Ireland has the highest dog count in the UK, with 33% of the population owning dogs 21
2.3.5. Online aggregators have pushed consumers towards lifetime policies 23
3. COMPETITORS 25
3.1. The top two insurers account for over 70% of the market 25
3.1.1. Allianz and RSA continue to dominate the UK pet insurance market 25
3.1.2. CVS launches own-brand pet insurance 26
3.1.3. Allianz merges with LV= 26
3.1.4. More Than Doggyssentials 26
3.1.5. Markerstudy launches pet insurance aggregator 27
3.1.6. More Thans Vetfone 27
3.1.7. E&Ls co-insurance pick n mix policy 27
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