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(MoneyNewsWire.Net, August 24, 2017 ) Proper health care is one of the most important aspects of having a pet. Many pet owners are considering taking out a pet health insurance for their favored pets in order to save health care costs especially when their pets get sick or injured. In U.K., the demand for pet insurance is increasing because of increased spending on pets. Also, the pet insurance market was valued at over £1 billion for the first time in 2016. To explore the future opportunities in the market, a study titled “U.K. Pet Insurance- August 2017” has been broadcasted to the vast archive of Market Research Hub (MRH). This study presents comprehensive view of the market covering prime ascpects such as market drivers, companies and brands, consumer attitudes toward pet insurance, issues and insights and competitive analysis.
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This report starts by defining the market overview covering market segmentation, major dynamics and estimated market size and forecast. It depicts the estimated size of the pet insurance market in U.K. from 2012 to 2022. During this period, the study also provides historical data along with current and future growth standing of the market. Forecast of pet insurance gross written premiums are also analyzed for the period 2013 to 2017. According to the study findings, GWP topped £1 billion in 2016 and is forecast for further growth.
Pet insurance has been around since the 1950s but it hasn’t changed much for many years. Pet insurance is designed to cover medical expenses if the insured pet becomes ill or is injured in an accident. There are over 16 million cats and dogs in the U.K. and the average pet claim is over £750. Also, there are about three-fifths of dog owners and two-fifths of cat owners have pet insurance. The research examines that sharp rise in average premiums has counteracted slow subscriber growth in 2016. The fall in subscriber growth shows that there are challenges to overcome in pet insurance. However, most pet owners don’t have insurance, so there are plenty of opportunities to expand the market.
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Later, while estimating the market size the analysts finds that policyholders face pressure from rising average premiums and inflation. Multi-pet policies have fallen in popularity, while dog policies account for three quarter of pet insurance GWP. As long as premiums can be kept at a reasonable level, and the benefits of policies are effectively marketed, pet owners’ liking for their animals will mean pet insurance continues to grow into the future. The report highlights some of the major market market drivers contributing towards market growth such increased spending on pets, average pet claim and tax rises put further pressure on premiums.
Top companies in the U.K. providing pet insurance are Petplan, John Lewis Insurance, TESCO Bank, Argos and Virgin Money. Petplan is the UK’s largest pet insurer. It has been analyzed that subscriptions and monitoring kits open new opportunities for market and leading player’s above-the-line advertising spend increased to £6.7 million in 2016/17.
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