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Published by: Finaccord Ltd.
Published: Oct. 1, 2008 - 145 Pages
Table of Contents
- 0.0 EXECUTIVE SUMMARY
- Pet ownership levels peak at 62.0% of respondents in France….
- … although French pet owners are the least likely to have bought stand-alone insurance for their pet ...
- Owners of dogs are more likely to acquire pet insurance than owners of other types of animal
- Uninsured pet owners in the UK display the greatest enthusiasm for buying pet insurance…
- … and latent demand among Spanish pet owners also appears to be relatively high
- In terms of the type of cover normally bought, the UK market for pet insurance is fundamentally
- different
- Usage of distribution interfaces and channels to purchase stand-alone cover varies across countries…
- … with supermarkets and other retailers having been particularly successful in the UK
- On average, Italian pet owners are slightly slower to acquire pet insurance than their counterparts
- elsewhere
- A significant percentage of pet owners with stand-alone cover find the insurance to be expensive
- More effective marketing and distribution could boost comprehensive pet insurance outside of the UK .
- 1.0 INTRODUCTION
- Research rationale
- Consumer research illustrates the differences between Europe’s five most populous markets…
- … helping underwriters and distributors to develop robust strategies for future development
- Finaccord
- European consumer research
- Pet insurance
- European market, partnership and bancassurance research
- Errors, omissions and limit of liability
- 2.0 EUROPEAN OVERVIEW
- Introduction
- % of respondents owning a cat, dog or other animal
- Across the five European countries considered, pet ownership rates tend not to vary much
- % of pet owners in possession of insurance for their pet
- All pets
- The marketing of pet insurance as a stand-alone policy has advanced furthest in the UK
- Cats
- Fewer than 30% of cat owners possess pet insurance in all countries other than the UK
- Dogs
- German dog owners are almost as likely to buy stand-alone pet insurance as those in the UK
- Attitudes towards pet insurance of pet owners without cover
- Uninsured pet owners in Germany are the least likely to recognise the benefits of pet insurance
- Implied maximum penetration rate for pet insurance
- Latent demand for pet insurance among uninsured pet owners is particularly high in Spain
- Risk penetration within pet insurance acquired by pet owners
- Most pet insurance in France, Germany, Italy and Spain is oriented towards basic liability cover…
- … with comprehensive pet insurance limited to a relatively small minority of pet owners
- Distribution interfaces used for stand-alone pet insurance
- Face-to-face sales constitute the dominant interface in all markets other than France and the UK
- Distribution channels used for stand-alone pet insurance
- Outside of the UK, affinity and partnership marketing has made the most progress in Spain
- Point in time chosen by insured pet owners to obtain pet insurance
- The vast majority of pet owners buying stand-alone pet cover do so soon after acquiring their pet
- Attitudes towards stand-alone pet insurance of insured pet owners
- Italian pet owners with stand-alone insurance show the greatest enthusiasm for the cover acquired ....
- 3.0 FRANCE
- Introduction
- % of respondents owning a cat, dog or other animal
- Owners of cats slightly outnumber owners of dogs in France
- % of pet owners in possession of insurance for their pet
- The vast majority of pet owners lack insurance of any type for their pet
- Attitudes towards pet insurance of pet owners without cover
- A significant proportion of uninsured pet owners acknowledge the benefits of pet insurance
- Risks covered by pet insurance acquired by pet owners
- Most pet insurance formulae in France are oriented towards basic liability cover
- Policies paid for separately and packaging within other insurance policies
- Packaged cover within household or personal liability insurance is held most commonly
- Distribution interfaces used for stand-alone pet insurance
- Stand-alone policies are most frequently acquired via the Internet…
- Distribution channels used for stand-alone pet insurance
- … with traditional insurance marketing channels continuing to dominate
- Distribution channels split between online and offline usage
- Paradoxically, insurers selling pet cover directly are stronger in the offline market
- Most pet owners with stand-alone policies buy cover within a month of acquiring their pet
- Attitudes towards pet insurance of pet owners with stand-alone cover
- Over 40% of pet owners with stand-alone cover consider their insurance to be expensive
- 4.0 GERMANY
- Introduction
- % of respondents owning a cat, dog or other animal
- Owners of cats comfortably outnumber owners of dogs in Germany
- % of pet owners in possession of insurance for their pet
- A clear majority of pet owners lack insurance of any type for their pet
- Attitudes towards pet insurance of pet owners without cover
- A reasonable proportion of uninsured pet owners acknowledge the benefits of pet insurance
- Risks covered by pet insurance acquired by pet owners
- Most pet insurance formulae in Germany are oriented towards basic liability cover
- Policies paid for separately and packaging within other insurance policies
- Packaged cover within household or personal liability insurance is held most commonly
- Distribution interfaces used for stand-alone pet insurance
- Stand-alone policies are most frequently acquired in a face-to-face environment…
- Distribution channels used for stand-alone pet insurance
- … with traditional insurance marketing channels continuing to dominate
- Distribution channels split between online and offline usage
- As might be expected, insurers selling pet cover directly are stronger in the offline market
- Point in time chosen by pet owners to acquire stand-alone pet insurance
- Most pet owners with stand-alone policies buy cover within a month of acquiring their pet
- Attitudes towards pet insurance of pet owners with stand-alone cover
- A clear majority of pet owners with stand-alone cover seem fully satisfied with their insurance
- 5.0 ITALY
- % of respondents owning a cat, dog or other animal
- Owners of cats slightly outnumber owners of dogs in Italy
- % of pet owners in possession of insurance for their pet
- The vast majority of pet owners lack insurance of any type for their pet
- Attitudes towards pet insurance of pet owners without cover
- A significant proportion of uninsured pet owners acknowledge the benefits of pet insurance
- Risks covered by pet insurance acquired by pet owners
- Most pet insurance formulae in Italy are oriented towards basic liability cover
- Policies paid for separately and packaging within other insurance policies
- Packaged cover within household or personal liability insurance is held most commonly
- Distribution interfaces used for stand-alone pet insurance
- Stand-alone policies are most frequently acquired in a face-to-face environment…
- Distribution channels used for stand-alone pet insurance
- … with traditional insurance marketing channels continuing to dominate
- Distribution channels split between online and offline usage
- Paradoxically, insurers selling pet cover directly are stronger in the offline market
- Point in time chosen by pet owners to acquire stand-alone pet insurance
- Most pet owners with stand-alone policies wait more than a month before buying cover
- Attitudes towards pet insurance of pet owners with stand-alone cover
- A clear majority of pet owners with stand-alone cover seem fully satisfied with their insurance
- 6.0 SPAIN
- Introduction
- % of respondents owning a cat, dog or other animal
- There are more than twice as many dog owners as cat owners in Spain
- % of pet owners in possession of insurance for their pet
- The vast majority of pet owners lack insurance of any type for their pet
- Attitudes towards pet insurance of pet owners without cover
- A significant proportion of uninsured pet owners acknowledge the benefits of pet insurance
- Risks covered by pet insurance acquired by pet owners
- Most pet insurance formulae in Spain are oriented towards basic liability cover
- Policies paid for separately and packaging within other insurance policies
- Packaged cover within household or personal liability insurance is held most commonly
- Distribution interfaces used for stand-alone pet insurance
- Stand-alone policies are most frequently acquired in a face-to-face environment…
- Distribution channels used for stand-alone pet insurance
- … with affinity and partnership distribution channels beginning to make headway
- Distribution channels split between online and offline usage
- As might be expected, insurers selling pet cover directly are stronger in the offline market
- Point in time chosen by pet owners to acquire stand-alone pet insurance
- Most pet owners with stand-alone policies buy cover within a month of acquiring their pet
- Attitudes towards pet insurance of pet owners with stand-alone cover
- A clear majority of pet owners with stand-alone cover seem fully satisfied with their insurance
- 7.0 UNITED KINGDOM
- Introduction
- % of respondents owning a cat, dog or other animal
- Owners of cats slightly outnumber owners of dogs in the UK
- % of pet owners in possession of insurance for their pet
- A clear majority of pet owners lack insurance of any type for their pet
- Attitudes towards pet insurance of pet owners without cover
- A very high proportion of uninsured pet owners acknowledge the benefits of pet insurance
- Risks covered by pet insurance acquired by pet owners
- Pet insurance in the UK is mainly geared towards providing cover for veterinary expenses
- Policies paid for separately and packaging within other insurance policies
- The vast majority of insured pet owners have acquired stand-alone pet insurance policies
- Distribution interfaces used for stand-alone pet insurance
- Stand-alone policies are most frequently acquired via the Internet…
- Distribution channels used for stand-alone pet insurance
- … with supermarkets and other retailers accounting for a significant distribution share
- Distribution channels split between online and offline usage
- The share of supermarkets and other retailers in the online market is particularly high
- Point in time chosen by pet owners to acquire stand-alone pet insurance
- Most pet owners with stand-alone policies buy cover within a month of acquiring their pet
- Attitudes towards pet insurance of pet owners with stand-alone cover
- Over 40% of pet owners with stand-alone cover consider their insurance to be expensive
- 8.0 APPENDIX
- Research sample
- The research embraces a total of more than 5,000 respondents across five countries
- Research strengths and weaknesses
- The Internet research methodology is characterised by several advantages and drawbacks
- Research structure
- GRAPHICS / TABLES
- % of respondents in Europe owning a cat, dog or other animal, 2008
- % of respondents in Europe owning a cat, dog or other animal, 2008 (data)
- % of all pet owners in Europe in possession of insurance for their pet, 2008
- % of all pet owners in Europe in possession of insurance for their pet, 2008 (data)
- % of cat owners in Europe in possession of insurance for their pet, 2008
- % of cat owners in Europe in possession of insurance for their pet, 2008 (data)
- % of dog owners in Europe in possession of insurance for their pet, 2008
- % of dog owners in Europe in possession of insurance for their pet, 2008 (data)
- % split of attitudes towards pet insurance of pet owners in Europe without cover, 2008
- Implied maximum penetration rate for pet insurance among pet owners in Europe, 2008
- Risk penetration within pet insurance acquired by insured pet owners in Europe, 2008
- Risk penetration within pet insurance acquired by insured pet owners in Europe, 2008 (data)
- Risk penetration within pet insurance acquired by all pet owners in Europe, 2008
- Risk penetration within pet insurance acquired by all pet owners in Europe, 2008 (data)
- Distribution interfaces used for stand-alone pet insurance in Europe, 2008
- Distribution interfaces used for stand-alone pet insurance in Europe, 2008 (data)
- Distribution channels used for stand-alone pet insurance in Europe, 2008
- Distribution channels used for stand-alone pet insurance in Europe, 2008 (data)
- Point in time chosen by insured pet owners to acquire stand-alone pet insurance, 2008
- Point in time chosen by insured pet owners to acquire stand-alone pet insurance, 2008 (data)
- Point in time chosen by all pet owners to acquire stand-alone pet insurance, 2008
- Point in time chosen by all pet owners to acquire stand-alone pet insurance, 2008 (data)
- % split of attitudes towards stand-alone pet insurance of insured pet owners in Europe, 2008
- % of respondents in France owning a cat, dog or other animal, 2008
- % of respondents in France owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data)
- % of pet owners in France in possession of insurance for their pet segmented by type of pet owned, 2008
- % of pet owners in France in possession of insurance for their pet segmented by type of pet owned, 2008 (data)
- % of pet owners in France that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data)
- % split of attitudes towards pet insurance of pet owners in France without cover, 2008
- Risk coverage among insured pet owners in France, 2008
- Risk coverage among all pet owners in France, 2008
- Segmentation of pet insurance in France between policies paid for separately and cover packaged within other forms of insurance, 2008
- Distribution interfaces used for stand-alone pet insurance in France, 2008
- Distribution channels used for stand-alone pet insurance in France, 2008
- Distribution channels used for stand-alone pet insurance in France split between online and offline usage, (data)
- Point in time chosen by pet owners in France to acquire stand-alone pet insurance, 2008
- % split of attitudes towards pet insurance of pet owners in France with stand-alone cover, 2008
- % of respondents in Germany owning a cat, dog or other animal, 2008
- % of respondents in Germany owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data)
- % of pet owners in Germany in possession of insurance for their pet segmented by type of pet owned, 2008
- % of pet owners in Germany in possession of insurance for their pet segmented by type of pet owned, 2008 (data)
- % of pet owners in Germany that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data)
- % split of attitudes towards pet insurance of pet owners in Germany without cover, 2008
- Risk coverage among insured pet owners in Germany, 2008
- Risk coverage among all pet owners in Germany, 2008
- Segmentation of pet insurance in Germany between policies paid for separately and cover packaged within other forms of insurance, 2008
- Distribution interfaces used for stand-alone pet insurance in Germany, 2008
- Distribution channels used for stand-alone pet insurance in Germany, 2008
- Distribution channels used for stand-alone pet insurance in Germany split between online and offline usage, (data)
- Point in time chosen by pet owners in Germany to acquire stand-alone pet insurance, 2008
- % split of attitudes towards pet insurance of pet owners in Germany with stand-alone cover, 2008
- % of respondents in Italy owning a cat, dog or other animal, 2008
- % of respondents in Italy owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data)
- % of pet owners in Italy in possession of insurance for their pet segmented by type of pet owned, 2008
- % of pet owners in Italy in possession of insurance for their pet segmented by type of pet owned, 2008 (data)
- % of pet owners in Italy that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data)
- % split of attitudes towards pet insurance of pet owners in Italy without cover, 2008
- Risk coverage among insured pet owners in Italy, 2008
- Risk coverage among all pet owners in Italy, 2008
- Segmentation of pet insurance in Italy between policies paid for separately and cover packaged within other forms of insurance, 2008
- Distribution interfaces used for stand-alone pet insurance in Italy, 2008
- Distribution channels used for stand-alone pet insurance in Italy, 2008
- Distribution channels used for stand-alone pet insurance in Italy split between online and offline usage, 2008 (data)
- Point in time chosen by pet owners in Italy to acquire stand-alone pet insurance, 2008
- % split of attitudes towards pet insurance of pet owners in Italy with stand-alone cover, 2008
- % of respondents in Spain owning a cat, dog or other animal, 2008
- % of respondents in Spain owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data)
- % of pet owners in Spain in possession of insurance for their pet segmented by type of pet owned, 2008
- % of pet owners in Spain in possession of insurance for their pet segmented by type of pet owned, 2008 (data)
- % of pet owners in Spain that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data)
- % split of attitudes towards pet insurance of pet owners in Spain without cover, 2008
- Risk coverage among insured pet owners in Spain, 2008
- Risk coverage among all pet owners in Spain, 2008
- Segmentation of pet insurance in Spain between policies paid for separately and cover packaged within other forms of insurance, 2008
- Distribution interfaces used for stand-alone pet insurance in Spain, 2008
- Distribution channels used for stand-alone pet insurance in Spain, 2008
- Distribution channels used for stand-alone pet insurance in Spain split between online and offline usage, 2008 (data)
- Point in time chosen by pet owners in Spain to acquire stand-alone pet insurance, 2008
- % split of attitudes towards pet insurance of pet owners in Spain with stand-alone cover, 2008
- % of respondents in the UK owning a cat, dog or other animal, 2008
- % of respondents in the UK owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data)
- % of pet owners in the UK in possession of insurance for their pet segmented by type of pet owned, 2008
- % of pet owners in the UK in possession of insurance for their pet segmented by type of pet owned, 2008 (data)
- % of pet owners in the UK that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data)
- % split of attitudes towards pet insurance of pet owners in the UK without cover, 2008
- Risk coverage among insured pet owners in the UK, 2008
- Risk coverage among all pet owners in the UK, 2008
- Segmentation of pet insurance in the UK between policies paid for separately and cover packaged within other forms of insurance, 2008
- Distribution interfaces used for stand-alone pet insurance in the UK, 2008
- Distribution channels used for stand-alone pet insurance in the UK, 2008
- Distribution channels used for stand-alone pet insurance in the UK split between online and offline usage, (data)
- Point in time chosen by pet owners in the UK to acquire stand-alone pet insurance, 2008
- % split of attitudes towards pet insurance of pet owners in the UK with stand-alone cover, 2008
- Sample breakdown in Europe by age group
- Sample breakdown in Europe by annual household income band
AbstractFinaccord’s report titled Pet Metrics:
Consumer Approaches to Pet Insurance in Europe offers detailed insights into the behaviour of pet owners in the context of pet insurance. Based on a survey of over 5,000 consumers in France, Germany, Italy, Spain and the UK carried out in July and August 2008, the research provides valuable data describing the extent to which owners of cats, dogs and other animals take out pet insurance and clarifying the proportion of uninsured pet owners who value the benefits of the insurance but have simply not got round to acquiring cover. In addition to calculating the percentage of pet owners that buys pet insurance in each country, the investigation also analyses the types of policy that they buy (i.e. stand-alone policies or cover packaged within household insurance or personal liability insurance), whether they hold cover for liabilities associated with pet ownership only or also for other risks, including veterinary expenses, which distribution channel and interface they use to take out stand-alone pet insurance and whether they buy cover within a week or a month of acquiring their pet or at a later stage.
Finally, the report measures the degree to which pet owners are satisfied with their insurance, whether they find it expensive and if they are likely to discontinue it the next time that it comes up for renewal. Key features of this report include: - unique analyses showing the percentage of cat owners, dog owners, owners of other types of animal and owners of different types of pet that acquire pet insurance in each country and the potential for this proportion to grow further; - accurate data describing the percentage of pet owners covered for expenses associated with veterinary treatment and other broader pet-related risks in addition to pet liability; - robust statistics illustrating the extent to which alternative distribution channels, such as banks, charities, supermarkets / other retailers and vets are eroding the share of conventional insurance distributors; - reliable information displaying how quickly pet owners are inclined to purchase pet insurance once they have acquired their pet; - valuable insights into the reasons given by pet owners for not purchasing insurance (for example, because they have not had time, because it is too expensive, because they did not see the benefit).
Get Full Details About This Report >>
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