Dublin, March 06, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities" report has been added to ResearchAndMarkets.com's offering.
The latest market analysis reveals pivotal changes and opportunities within the UK pet insurance industry, showing a significant surge in gross written premiums and a consequential forecasted growth. The profound insights delve deeply into the market's trajectory from trends and market drivers to the onslaught of emerging technologies such as Artificial Intelligence that are set to further innovate the sector.
This comprehensive report elucidates the nuances of the UK pet insurance market, which saw a notable 12.8% increase in gross written premiums in 2022, reaching GBP1.58 billion. The research anticipates this upward trend to continue, predicting a market value of GBP1.99 billion by 2027, a testament to the robust growth potential and increasing need for tailored pet insurance solutions.
Market Overview
Key highlights from the report:
- Dog insurance remains predominant, representing nearly three-quarters of the total policyholders and gross written premiums.
- The cat insurance portion, while smaller, exhibits potential for expansion within the market, driven by a significant pet-owning population.
- Notable upticks in average premiums are observed particularly for dogs and cats, a reflection of the escalating costs of veterinary services.
Claims and Policy Dynamics
As the market evolves, the report spotlights a 28.4% swell in the total number of claims made in 2022. It emphasizes the imperative need for insurers to continually adapt in the face of increasing demand and market competitiveness.
Strategic Insights
Investors, market players, and new entrants are encouraged to harness the strategic analyses provided in the report. It offers an intricate understanding of:
- The influence of the cost-of-living crisis on pet ownership and insurance trends.
- Competitive positioning and strategic movements of key market players.
- Projection of market engagements up to 2027, with a sturdy compound annual growth rate promising continued development.
This research stands as an invaluable asset for understanding the complex dynamics at play within the UK pet insurance market. It is an essential resource for those within the insurance sector who aim to navigate this rapidly evolving industry effectively and capitalize on the emerging opportunities that the future holds.
Stakeholders are discovering new ways to maneuver through market challenges, leveraging innovative technologies and responding to regulatory impulses, as the marketplace teems with opportunity and anticipation for growth into the next half-decade.
Key Topics Covered
- Executive Summary
- Market overview
- Key findings
- Critical success factors
- Pet Insurance Market Dynamics
- The pet insurance market grew by 12.8% in 2022
- Increased number of policyholders led to GWP growth in 2022
- Number of pet insurance policyholders recorded double-digit growth in 2022
- Dog insurance dominates GWP
- Average premiums vary by type of pet
- Number of claims increased to record highs in 2022
- Gross claims surged above GBP1 billion
- Average claim varies considerably depending on type of pet
- The Structure of the UK Pet Insurance Market
- Allianz continues to dominate the market
- Policy features from the top providers
- PetPartners launches an employer-based group pet insurance offering
- The Market Going Forward
- Market set to continue growing
- Dog insurance will remain dominant segment
- Pet insurers could partner with insurtechs to combat fraudulent claims
- Consumers increasingly downloading insurance apps
- Social media as powerful tool for insurers
- Appendix
- Abbreviations, acronyms, and initialisms
- Methodology
- Secondary sources
- Further reading
A selection of companies mentioned in this report includes
- UK Pet Food
- RSPCA
- Go.Compare
- National Equine Welfare Council
- PDSA
- The Royal College of Veterinary Surgeons
- The British Veterinary Association
- Allianz
- Pet Plan
- Pets at Home
- RSA
- Red Sands
- Tesco Bank
- More Than
- John Lewis
- M&S Bank
- Animal Friends
- Pinnacle Insurance
- Admiral
- Post Office
- Sainsburys
- Pet Protect
- Churchill
- Direct Line
- U K Insurance
- Post Office
- Argos
- Costco
- PetPartners
- Shift Technology
- App Radar
- Holiday Extras
- Aviva
- Hastings Direct
- Cuvva
For more information about this report visit https://www.researchandmarkets.com/r/gwel7g
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