Your Cart Is Empty!
- 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 Pound1bn 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.
Verdict Financials "UK Pet Insurance: Market Dynamics and Opportunities 2016" report provides in-depth analysis of the UK pet insurance market. Among the points discussed include how the pet insurance market continued on an upward trend in 2015. GWP grew in line with the increase in product penetration and number of policy holders, but at the same time the market was blighted by significant increases in the number of reported claims, which grew to record levels in 2015. The ongoing growth in overall market GWP has been driven by a combination of both the response to a tough claims environment through rising premiums and policy volume, as insurers look to improve returns and generate better business. The report also provides a thorough overview of the external factors driving the market, along with future forecasts.
Reasons To Buy
- Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and significant market developments occur.
- Be informed of how insurers are faring amid the increasing cost of claims in the face of developments in pet care and advancing medical treatments.
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 Pound910.1m 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
Lifetime policies are the main attraction for customers
Co-insurance is coming back into fashion and is set to become a mainstream product
DEVELOPMENTS IN 2016 AND BEYOND
Claims inflation will continue to drive rates over the coming years
The UK pet space is forecast to top Pound1bn within the next three years
Insurers need to simplify their products, with Bought By Many leading by example
Social media continues to provide a good route for providers to target the uninsured
Abbreviations and acronyms
Premium income gross of reinsurance premium ceded.
Gross loss ratio
Primary and secondary research
Verdict Financials 2015 General Insurance Consumer Survey
About Verdict Financial
List of Tables
Table 1: UK pet insurance market GWP, 2011-15
Table 2: UK pet insurance market gross claims incurred, 2011-15
Table 3: UK pet insurance market claims notified, 2011-15
Table 4: Average claims costs in the UK pet insurance market, 2011-15
Table 5: Top 10 conditions for claims in the UK pet insurance market, 2016
Table 6: Top 10 most expensive claims in the UK pet insurance market, 2016
Table 7: Dog and cat ownership by geographical region, 2015
Table 8: UK pet insurance market GWP forecast, 2015-20f
List of Figures
Figure 1: 2015 saw GWP fall by 6.7% to Pound910.1m
Figure 2: Insurer gross claims incurred grew by almost 10% from 2014
Figure 3: The number of claims reported continues on an upward trend
Figure 4: Average claims costs continue to rise, but at a more steady rate
Figure 5: In 2015 the pet insurance gross loss ratio reached its highest level in five years
Figure 6: The percentage of UK dog owners is now marginally greater than cat owners
Figure 7: Dog owners outstrip the number of cat owners according to the PFMA
Figure 8: The number of pet insurance policy holders now tops 3.3 million
Figure 9: Vet costs around the country
Figure 10: UK pet insurance GWP is expected to hit Pound1bn in 2018
Figure 11: Bought By Many contains a range of pet options and utilizes social media platforms
Following are different modes of Licenses.
a. Single User License:
This license allows only one person to use the report. This person can use the report on any computer and may take print outs of the report but must take care of not sharing the report (or any information contained therein) with any other individual or people. Unless you purchase a Site License or a Global Site License, a Single User License must be purchased for every single person that wishes to use the report within the same enterprise.
b. Single Site License:
This license allows unlimited users to use the report within one company location, e.g. a regional office. These users can use the report on any computer and may take print outs of the report but must take care of not sharing the report (or any information contained therein) with any other individual or people.
c. Global Site License:
A Global Site License (or Enterprise wide Site License or Global License) is a license granted to original purchaser, who can share a report with other employees and authorized Users of the same organization.
1. How do you deliver the reports?
The delivery of reports is depends on format & mode of license of report(s). Following are different kinds of formats of report(s) and their delivery options :
a. Electronic Format – Through email from Publisher
Report will be sent to your username email address in PDF, Excel, PowerPoint or any other electronic / softcopy format by publisher.
Delivery Time: 12 to 48 hours [depending on time difference or occurrences of national holidays]
b. Hard Copy or Printed Format or CD-Rom – Through Mail or Courier from Publisher
Report will be sent through mail / courier delivery to your shipping address by publisher.
Delivery Time: Less than, few weeks [depending on time difference or occurrences of national holidays]
2. How can I make payment for publications I purchase?
You could be able to make the payment, in following ways:
a. Online Secure Payment through Credit Card Payment : We accept Visa, Master, AMEX Cards & CCAvenue
b. Transfer of fund to our bank account via Bank transfer or Wire transfer
c. Payment via DD or Cheque
3. Is it safe to use my credit card on MarketinfoResearch?
Your personal information and online tranaction on Marketinfo Research is secure, private, and tamper-proof. All credit card payments are processed through secure and trusted payment gateways.