UK Pet Insurance 2009

Introduction

The UK pet insurance market continued to experience strong growth in premium income and policy numbers in 2008. This report discusses the current consumer attitudes to pet insurance as well as the trends in market distribution. It also provides forecasts for GWP up to 2013, making it essential reading for those with an interest in pet insurance.

Scope

• The latest data and market research, including information on market size and shifts in pet ownership trends
• Insight into the effects of the recession and other market issues including methods to tackle high growth in claims costs
• An understanding of the competitive environment, and of the impact that new entrants and market consolidation is having on the pet insurance market
• Forecasts of the market's GWP growth until 2013, based on primary research and in-house expertise

Highlights

In 2008 the market grew at a slightly reduced rate of 13.1%, which is only marginally below its recent compound average annual growth rate of 14.5%. The increased GWP was a result of both higher premium rates and increased market penetration of the product.

With the economy in recession, the number of unemployed people has increased by 26.1%, as of H1 2009, compared to the 2008 average. This has led to many consumers cutting their expenditures and adopting a personal fiscal stance that is more careful with discretionary spending, such as pet insurance.

Reasons to Purchase

• Understand the competitive dynamics of this competitive niche market.
• Gain insight into the future direction of the sector, including market size and the major issues affecting the market.
• Benchmark your company against your competitors based on current and past performances in the market.