A new report by independent market analyst Datamonitor reveals that the pet insurance market is one of the fastest growing insurance markets in the UK and is set to expand further. In 2007, GWP grew by almost 17% to an all time high of £440 million. Datamonitor forecasts the market will grow a further 58% to attain a value of almost £700 million in 2012.

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The UK private motor insurance market could finally make a profit in 2009 after 14 years of unprofitability. A new report forecast that the UK private motor insurance market will make a loss this year but move into a profit of approximately £30million in 2009 as premium income will grow at a faster rate than claims costs. 2009 could be a historic year for the private motor insurance market, putting an end to a painful 14 consecutive years of losses. However, Datamonitor’s forecast sees the market move quickly back into a loss in 2010 as competition intensifies.

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