Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) -- The "Pet Insurance in the UK - Industry Market Research Report" report has been added to ResearchAndMarkets.com's offering.
Pet insurance policies are more commonplace in the UK insurance services market. An expansion in veterinary costs has encouraged pet owners to take out cover for their pets against accidents and injuries. According to ABI, industry firms underwrite insurance policies, with over 95% of insurance policies for cats and dogs. Industry revenue has expanded due to rising premium costs from the innovation of new and more expensive procedures that can be performed on cats and dogs.
Industry revenue is expected to increase at a compound annual rate of 4.3% over the five years through 2024-25 to reach £2.1 billion. This includes estimated revenue growth of 6.3% in 2024-25.
Trends and Insights
- Pet humanisation drives demand. More people are taking out pet insurance due to the trend of pet humanisation and the strong emotional bond between pet owners and their pets, supporting revenue growth.
- Pet insurance policies cater to blooming pet ownership trends. Lifetime, time-limited, and maximum benefit coverage have seen an increase in revenue due to pet owners requiring broader coverage and regular treatments for their companion animals.
- London is attractive due to its high pet ownership levels. Expanding services requires a robust customer base and with its thriving pet culture, London undoubtedly offers pet insurance companies a chance to prosper.
- Competition raises the stakes in the pet insurance industry. Big insurers like PetPlan, backed by larger firms, dominate the market, pushing premiums high and forcing smaller insurers to offer competitive rates.
- Cats and dogs make up the bulk of pet insurance demand: Pet insurers underwrite insurance policies mainly for cats and dogs for lifetime cover, accident-only and time-limited cover. According to the Association of British Insurers (ABI), over 95% of pet insurance policies are for cats and dogs. Horses, rabbits and other pets can also be protected under certain policies.
- High vet bills raise eyebrows: Despite a likely drop in inflation, veterinary costs will remain at inflated levels, keeping claims costs high and eating into profit in the short term.
This industry underwrites insurance policies for pets and pays veterinary costs related to illness or injury. This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Company Coverage Includes:
- Allianz Holdings plc
- Admiral Group plc
- RSA Insurance Group Ltd
Key Topics Covered:
About this Industry
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
Industry at a Glance
Industry Performance
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
Products & Markets
- Supply Chain
- Products & Services
- Major Markets
- Globalisation & Trade
- Business Locations
Competitive Landscape
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Barriers to Entry
Major Companies
Operating Conditions
- Capital Intensity
Key Statistics
- Industry Data
- Annual Change
- Key Ratios
For more information about this report visit https://www.researchandmarkets.com/r/v6my0
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