DUBLIN, Nov. 16, 2023 /PRNewswire/ — The “United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities” report has been added to ResearchAndMarkets.com’s offering.
In 2022, the pet insurance market saw gross written premiums (GWP) rise by 12.8%, amounting to a market worth GBP1.58 billion. Additionally, there was an 11.1% increase in policyholders compared to 2021.
This report provides comprehensive analysis of the UK pet insurance market. It explores drivers of uptake and the claims landscape, as well as looking at the broader pet market and upcoming regulatory changes. Incumbent competitors are analyzed and compared, alongside relevant newcomers and insurtechs.
In addition, the report examines future impactors in the market, including inflation and emerging technologies such as artificial intelligence.
Notably, only 24.2% of dogs and 11.9% of cats were insured in 2022, indicating substantial growth potential for the market in the coming years. Our forecasts indicate that GWP will rise each year from 2022 to 2027, with a compound annual growth rate (CAGR) of 4.8% over this period. By 2027, GWP is projected to reach GBP1.99 billion, primarily driven by rising premiums, which are unavoidable due to the increasing cost of veterinary care.
Scope
- The dog insurance market accounted for the largest number of policyholders in the total market (69.2%) in 2022. As a result, dog insurance also accounted for the lion’s share of GWP (78.5%) and number of claims (77.7%).
- Cat insurance accounted for 18.5% of GWP and 27.9% of policyholders in 2022, while other pets accounted for 3% of GWP and 2.9% of policyholders.
- Average premiums for dogs and cats rose marginally, while average premiums for other pets fell by 19.8% from 2021 to 2022.
- The total number of reported claims increased by 28.4% in 2022, reaching a record high in the process.
Reasons to Buy
- Understand the current and future size of the UK pet insurance market.
- Discover the impact of the cost-of-living crisis and how it has influenced trends in the market.
- Identify the top players, their products, and their strategies.
- Learn how the UK pet insurance market will evolve out to 2027.
Key Topics Covered:
1. Executive Summary
1.1 Market overview
1.2 Key findings
1.3 Critical success factors
2. Pet Insurance Market Dynamics
2.1 The pet insurance market grew by 12.8% in 2022
2.2 The increased number of policyholders led to GWP growth in 2022
2.3 The number of pet insurance policyholders recorded double-digit growth in 2022
2.4 Dog insurance continues to dominate GWP
2.5 Average premiums vary by type of pet
2.6 The number of claims increased to record highs in 2022
2.7 Gross claims surged above GBP1 billion
2.8 The average claim varies considerably depending on the type of pet
3. The Structure of the UK Pet Insurance Market
3.1 Allianz continues to dominate the market
3.2 Policy features from the top providers
3.3 PetPartners launches an employer-based group pet insurance offering
4. The Market Going Forward
4.1 The market is set to continue growing
4.2 Dog insurance will remain the dominant segment
4.3 Pet insurers could partner with insurtechs to combat fraudulent claims
4.4 Consumers are increasingly downloading insurance apps
4.5 Social media can be a powerful tool for insurers
5. Appendix
A selection of companies mentioned in this report includes
- UK Pet Food
- RSPCA
- Go.Compare
- National Equine Welfare Council
- PDSA
- The Royal College of Veterinary Surgeons
- The British Veterinary Association
- Allianz
- Pet Plan
- Pets at Home
- RSA
- Red Sands
- Tesco Bank
- More Than
- John Lewis
- M&S Bank
- Animal Friends
- Pinnacle Insurance
- Admiral
- Post Office
- Sainsburys
- Pet Protect
- Churchill
- Direct Line
- U K Insurance
- Post Office
- Argos
- Costco
- PetPartners
- Shift Technology
- App Radar
- Holiday Extras
- Aviva
- Hastings Direct
- Cuvva
For more information about this report visit https://www.researchandmarkets.com/r/u8q4q7
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SOURCE Research and Markets
