Home | Contact Us | Log In
(888) 789-6604
Report Stack
Advanced search
Account Detail 0 items in basket
Order History Total $
Saved Searches View Basket basket
UK Pet Insurance: Market Dynamics and Opportunities 2017
Publication Date Sep 2017
Product Type Report
Pages 38
Single User License help $ 3450.00
Site User License help $ 6900.00
Corporate User License help $ 10350.00
 

Reportstack.com does not charge credit card fee, transaction charges, extra tax or VAT on any purchase.

UK Pet Insurance: Market Dynamics and Opportunities 2017

Summary

"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.

Scope

- 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.


Companies Mentioned

RSA Aviva NFU Mutual LV= Allianz Petplan Bought By Many Direct Line E&L BNP Paribas

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 Than’s Vetfone 27
3.1.7. E&L’s co-insurance pick ‘n’ mix policy 27
4. ECONOMIC CONDITIONS AND DYNAMICS OF THE MARKET 28
4.1. Costly vet treatments are encouraging insurers to take control of the market 28
4.1.1. RSA aims to manage the cost of pet insurance with the launch of a new scheme 28
4.1.2. Pricing needs to be more transparent for pet insurance customers 29
4.1.3. Insurtech is slowly entering the pet sector with new providers, aggregators, and apps 30
4.1.4. Co-insurance is coming back into fashion and is set to become a mainstream product 31
4.1.5. Bought By Many leads the way in product innovation 32
5. DEVELOPMENTS IN 2017 AND BEYOND 33
5.1. Claims inflation will continue to drive rates over the coming years 33
5.1.1. The UK pet space is forecast to maintain double-digit growth 33
5.1.2. Pet insurance as an employee benefit is likely to emerge after success in the US 34
5.1.3. Social media continues to provide a good route for providers to target the uninsured 35
5.1.4. Humanizing pets and treating them as part of the family is essential to appeal to consumers 36
6. APPENDIX 37
6.1. Abbreviations and acronyms 37
6.2. Bibliography 37
6.3. Further reading 37

List of Tables
List of Tables
Table 1: Pet insurance GWP in the UK 10
Table 2: UK pet insurance market gross claims incurred, 2012-16 12
Table 3: UK pet insurance market claims notified, 2012-16 13
Table 4: Average claims costs in the UK pet insurance market, 2012-16 15
Table 5: Top 10 conditions for claims in the UK pet insurance market, 2016 15
Table 6: Top 10 most expensive claims in the UK pet insurance market, 2016 16
Table 7: Dog and cat ownership by geographical region, 2016 22
Table 8: UK pet insurance market GWP forecast, 2016-20f 34

List of Figures
List of Figures
Figure 1: 2016 saw GWP break the £1bn mark 10
Figure 2: Claims incurred growth remained strong in 2016 12
Figure 3: Number of claims notified growth slowed in 2016 13
Figure 4: The cost of the average claim continued to rise in 2016 14
Figure 5: Gross claims incurred as a proportion of GWP grew slightly in 2016 17
Figure 6: More households own dogs than cats, but both are decreasing 19
Figure 7: Dogs remain more popular than cats 20
Figure 8: Allianz is the largest pet insurer with 43.7% of the market 26
Figure 9: Vet costs around the country 29
Figure 10: Bought By Many offers a range of pet options and utilizes social media platforms 35

Title Date Price
1st Century Bancshares, Inc. (FCTY) - Company Capsule
By World Market Intelligence
This report is a crucial resource for industry executives and anyone looking to access key information about "1st Century Bancshares, Inc."The report utilizes a wide range of primary and secondary sou ...Read More
Jun 2015 $75.00
1st Enterprise Bank, Inc. - Strategic SWOT Analysis Review
By GlobalData
1st Enterprise Bank, Inc. - Strategic SWOT Analysis Review provides a comprehensive insight into the company’s history, corporate strategy, business structure and operations. The report contains a d ...Read More
Sep 2014 $125.00
1st Source Corporation (SRCE) - Company Capsule
By World Market Intelligence
This report is a crucial resource for industry executives and anyone looking to access key information about "1st Source Corporation"The report utilizes a wide range of primary and secondary sources, ...Read More
Sep 2014 $75.00
1st United Bancorp, Inc. (FUBC) - Company Capsule
By World Market Intelligence
This report is a crucial resource for industry executives and anyone looking to access key information about "1st United Bancorp, Inc."The report utilizes a wide range of primary and secondary sources ...Read More
Sep 2014 $75.00
2014: Trends to Watch in Global Wealth Management
By GlobalData
SummaryThe global wealth management industry is changing rapidly due to regulation and compliance, product and communication innovation, rebalancing wealth markets, and developing customer attitudes. ...Read More
Jan 2014 $4495.00
2015: Key Trends in Retail Banking
By GlobalData
SummarySeveral trends will drive developments in retail banking in 2015, covering external factors such as regulation and internal factors such as mobile innovation. Banks will have to react by stream ...Read More
Sep 2014 $4495.00
2016: Key Trends in Consumer Payments
By GlobalData
Summary The increased levels of innovation and interconnectivity in banking and payments have resulted in an ever-expanding range of transactional possibilities, and are notably triggering a rewiring ...Read More
Feb 2016 $7995.00
2017: Key Trends in Retail Banking
By GlobalData
SummarySeveral trends will drive developments in retail banking in 2017, including factors as diverse as changes to the regulatory environment, the emergence of artificial intelligence, and the long-a ...Read More
Jan 2017 $5250.00
2020 Foresight: Non Resident Indians
By GlobalData
This report focuses on the Indian diaspora, which is the largest among non-resident South Asians. The report examines non-resident Indians (NRIS)’ investment attitudes and behavior, sources of wealt ...Read More
Apr 2016 $4995.00
Aareal Bank AG (ARL) : Company Profile and SWOT Analysis
By World Market Intelligence
This report is a crucial resource for industry executives and anyone looking to access key information about "Aareal Bank AG"The report utilizes a wide range of primary and secondary sources, which ar ...Read More
Sep 2014 $125.00

  * Required field
Name *
E-mail *
Telephone 
Company *
Country *
Query 
 
   

Published By :  GlobalData

For support please
contact:
US Toll Free
+1 888-789-6604
Asia Pacific
+91-9893555190
 
 
To receive alerts about
an update, future offers and discounts on this report, signup here.
Email ID
 

Companies


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Countries


A B C D E F G H I J K L M N O P Q R S T U V W X Y Z