United Kingdom (UK) Pet Insurance - Market Dynamics and Opportunities 2020

United Kingdom (UK) Pet Insurance - Market Dynamics and Opportunities 2020

  • August 2020 •
  • 43 pages •
  • Report ID: 5961530 •
  • Format: PDF
United Kingdom (UK) Pet Insurance - Market Dynamics and Opportunities 2020

Summary
This report analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, and pet ownership. It discusses competitors in the market, explores how the market is likely to change due to rising costs and emerging technology, identifies opportunities in the pet insurance space, and provides future forecasts of market size up to 2023.

Both the number of policyholders and gross written premiums (GWP) decreased in 2019, while the number and cost of claims increased. With the cost of claims increasing and GWP falling, pet insurers are facing stains on their profits.

Scope
- Accounting for 74% of the market, dog insurance drove the decline in GWP for 2019 with a 7.2% decrease in policyholders. This came despite a £12 reduction in average premiums.
- The average cost of dog and cat claims was £830 and £643 respectively in 2019.
- Underwritten by Allianz, Petplan remains the market leader with 24.9% of total GWP. Petplan has maintained its position through high advertising spending.
- Going forward, growth in the market will be slow, with both number of claims and premiums increasing. The market is expected to reach GWP of £1,310m in 2024, up from £1,171m in 2019 at a compound annual growth rate (CAGR) of 2.3%.

Reasons to Buy
- Keep up to date with the new trends and innovations in the pet insurance market.
- Benchmark yourself against competitors.
- Learn about growth in all aspects of the market, what is driving it, and whether it is set to continue.
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