Dublin, Feb. 21, 2022 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Pet Insurance Market Analysis and Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The 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, identifies opportunities in the pet insurance space, and provides future forecasts of market size up to 2025.
The pet insurance market experienced a 6.4% increase in gross written premiums (GWP), reaching a value of £1.3bn in 2020. The number of subscribers increased by 1.0% in 2020 compared to the previous year. The state of the pet insurance market differed significantly in 2020 compared to 2019, when the number of subscribers decreased and the cost of claims increased. However, due to the huge growth the pet population experienced in the UK for 2020 (the cat and dog populations grew by 62.7% and 38.9% respectively), the industry was hopeful that growth in the pet insurance market would be greater. In 2020, only 11% of dogs and 22% of cats in the UK were insured - illustrating potential for the market to grow further in the coming years
Report Scope:
- Growth in 2020 was driven by the cat insurance market, which experienced a 6.2% increase in the number of subscribers.
- Underwritten by Allianz, Petplan remains the market leader with 27.3% of total GWP.
- Bought By Many was the biggest advertising spender in 2020 at £3.6m, which was 387% more than second-placed Animal Friends. While currently only accounting for 1.3% of contracts sold in 2020, Bought By Many has aggressively marketed its brand in the pet insurance market.
Key Topics Covered:
1. Executive Summary
1.1 Market overview
1.2 Key findings
1.3 Critical success factors
2. Pet Insurance Market Dynamics
2.1 Summary of the 2020 pet insurance market by product
2.2 The increased number of policyholders and premiums led to GWP growth in 2020
2.3 The number of pet insurance policyholders grew in 2020
2.4 GWP is dominated by dog insurance
2.5 Average premiums vary by type of pet
2.6 Both the cost and number of claims fell in 2020
2.7 Gross claims in the pet insurance market decreased
2.8 The average claim varies considerably depending on the type of pet
2.9 The number of dogs and cats has drastically increased amid COVID-19 lockdowns
3. The Structure of the UK Pet Insurance Market
3.1 Allianz is the market leader thanks to the Petplan brand
3.2 Despite the impact of COVID-19, pet insurance providers did not change their product offerings
3.3 COVID-19 emphasizes the prevalence of virtual vet services
3.4 Sainsbury's Bank launched specialist pet insurance for rabbits
3.5 Bought By Many reached a valuation of $2bn in 2021
3.6 Insurtech Waggel is aiming to change pet insurance
3.7 Bought By Many intensifies advertising spend to attract new customers
4. The Market Going Forward
4.1 The market is set to continue growing
4.2 Dog insurance will remain the dominant segment
4.3 The cost of claims will continue to grow
4.4 Dog insurance claims incurred will reach £668m by 2025
4.5 Cat insurance gross claims incurred will be £189m by 2025
4.6 The cost of claims for other pets will pose the greatest financial burden on insurers
4.7 Attracting new customers will be key for insurers
Companies Mentioned
- Petplan
- Animal Friends
- Tesco Bank
- More Than
- Sainsbury's Bank
- Red Sands
- Allianz
- RSA
- Aviva
- U K Insurance
- Bought By Many
- Waggel
- Vitality
- PitPat
For more information about this report visit https://www.researchandmarkets.com/r/87ke9t
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