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UK Pet Insurance: Market Dynamics and Opportunities 2024

Publisher GlobalData
Published Oct 30, 2024
Length 34 Pages
SKU # GBDT19389009

Description

UK Pet Insurance: Market Dynamics and Opportunities 2024



Summary

This report provides an overview and analysis of the state of the UK pet insurance market. It examines the size of the market, the nature of the claims landscape, as well as upcoming regulatory changes. Incumbent competitors are analyzed and compared; the report also provides a forecast of market size through to 2028, while examining key future impactors in the market.

In 2023, the pet insurance market saw gross written premiums (GWP) rise by 7.7% to GBP1.75 billion. Additionally, there was an 8.2% increase in the number of policyholders compared to 2022. Notably, only 25% of dogs and 12.1% of cats were insured in 2023, indicating substantial growth potential for the market in the coming years. Likewise, our forecasts indicate that GWP will rise each year from 2023-28, with a compound annual growth rate (CAGR) of 6.1% over this period. By 2028, GWP is projected to reach GBP2.35 billion. While some consumers canceled their insurance policy in 2023 due to the cost-of-living crisis, we anticipate the pet insurance market to remain resilient. This is because rising veterinary expenses over 2024 and beyond may compel more risk-averse consumers to opt for insurance as a means of managing the financial burden associated with one-off vet bills

Key Highlights
  • The dog insurance market accounted for the largest number of policyholders in the total market (69.3%) in 2023. As a result, dog insurance also accounted for the lion’s share of GWP (76.4%) and claims (77.6%).
  • Cat insurance accounted for 18.4% of GWP and 27.5% of policyholders in 2023, while other pets accounted for 5.1% of GWP and 3.3% of policyholders.
  • Average premiums rose across the board, with a 5.0% increase for dog insurance, a 4.9% increase for cat insurance, and a 7.5% increase for other pet insurance.
  • The total number of reported claims increased by 31.7% in 2023, the highest figure since the Association of British Insurers started collecting data.
Scope
  • The dog insurance market accounted for the largest number of policyholders in the total market (69.3%) in 2023. As a result, dog insurance also accounted for the lion’s share of GWP (76.4%) and claims (77.6%).
  • Cat insurance accounted for 18.4% of GWP and 27.5% of policyholders in 2023, while other pets accounted for 5.1% of GWP and 3.3% of policyholders.
  • Average premiums rose across the board, with a 5.0% increase for dog insurance, a 4.9% increase for cat insurance, and a 7.5% increase for other pet insurance.
  • The total number of reported claims increased by 31.7% in 2023, the highest figure since the ABI started collecting data.
Reasons to Buy
  • Understand the current and future sizes of the UK pet insurance market.
  • Discover the impact of inflation and vets’ costs on trends in the market.
  • Identify the top players, their products, and their strategies.
  • Learn how the UK pet insurance market will evolve out to 2028.

Table of Contents

34 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • The pet insurance market grew by 7.7% in 2023
    • Increases in the number of policyholders and premiums led to GWP growth in 2023
    • The number of pet insurance policyholders continued to see solid growth in 2023
    • Dog insurance remains the dominant component of GWP
    • Average premiums vary by type of pet
    • The number of claims notified has reached a new record
    • Gross claims incurred continued to rise in 2023, reaching almost GBP1.2 billion
    • The average claim varies considerably depending on the type of pet
    • Allianz remains the key player, while RSA exits the market
    • Policy features from the top providers
    • PetPartners launches OnePack Plan, an employer-based group insurance offering
    • The market is set to continue growing
    • Dog insurance will remain the dominant segment
    • The power of social media
    • Reducing costs will be key for pet insurers
    • Abbreviations, acronyms, and initialisms
    • Methodology
    • Secondary Sources
    • Further reading

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