Pet Metrics: Consumer Approaches to Pet Insurance in Spain : Market Research Report

Pet Metrics: Consumer Approaches to Pet Insurance in Spain

Published: Oct. 1, 2008 - 35 Pages

0.0 EXECUTIVE SUMMARY: Over a half of Spanish consumers own a pet of one sort or another…; … with dog owners more likely to possess insurance for their pet than owners of other types of pet; Almost a half of uninsured pet owners see the benefit of pet insurance; Most pet insurance policies in Spain are restricted to basic liability cover…; … and are sold through the more traditional insurance distribution systems; Over a half of insured pet owners in Spain buy pet insurance within a month of acquiring the pet itself ..; … and the vast majority are convinced of the importance of the cover that they have purchased; More effective marketing and distribution could boost comprehensive pet insurance in Spain
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 SURVEY ANALYSIS: 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
3.0 APPENDIX: Research sample; The research embraces a total of 1,004 respondents in Spain; Research strengths and weaknesses; The Internet research methodology is characterised by several advantages and drawbacks
GRAPHICS / TABLES: % 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; Sample breakdown in Spain by geographical location; Sample breakdown in Spain by age group, household income band and geographical location

Abstract

Finaccord’s report titled Pet Metrics:

Consumer Approaches to Pet Insurance in Spain offers detailed and unique insights into the behaviour of pet owners in the context of pet insurance in Spain. Based on a primary survey of over 1,000 consumers in Spain 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 Spanish pet owners that buys pet insurance, 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 insured pet owners in Spain 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 in Spain that acquire pet insurance 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 in Spain; - 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 Spanish 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 >>

US: 800.298.5699

Int'l: +1.240.747.3093

About MarketResearch.com
MarketResearch.com is an online aggregator selling over 250,000 market research reports, company profiles and country profiles from over 650 research firms. Our reports will provide you with the critical business and competitive intelligence you need for strategic planning and marketing research. Coverage includes the US, UK, Europe, Asia and global markets.

Pet Metrics: Consumer Approaches to Pet Insurance in Spain

Table of Contents

Abstract