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United Kingdom (UK) Pet Insurance Market Size, Trends, Competitor Dynamics and Opportunities, 2021-2026

Publisher GlobalData
Published Dec 22, 2022
Length 40 Pages
SKU # GBDT17666603

Description

United Kingdom (UK) Pet Insurance Market Size, Trends, Competitor Dynamics and Opportunities, 2021-2026

Summary

This report analyzes the UK pet insurance market, looking at drivers of uptake. It explores the claims landscape in 2021, as well as upcoming regulatory changes. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. The impact of factors including inflation and emerging technology such as AI on the pet insurance space are also examined.

The pet insurance market experienced an 11.7% increase in gross written premiums (GWP) in 2021, reaching a value of GBP1.4 billion. The number of policyholders increased by 4.5% in 2021 compared to the previous year. In 2021, only 21.7% of dogs and 10.9% of cats in the UK were insured - illustrating potential for the market to grow further in the coming years. Growth in the market was driven by a 4.5% increase in the number of policyholders and an 8.3% rise in average premiums. We forecast GWP to grow every year between 2021 and 2026f at a compound annual growth rate (CAGR) of 6.5%, with GWP reaching GBP1.9 billion in 2026f.

Scope
  • Growth in 2021 was driven by the dog insurance market, which experienced an 8.5% increase in the number of policyholders. Accounting for 74.9% of GWP and 67.3% of policyholders in 2021, the dog segment continues to have the biggest influence on the UK pet insurance market. Dogs also accounted for 74% of claims notified.
  • Cat insurance accounted for 18.7% of GWP and 28.3% of policyholders in 2021.
  • Underwritten by Allianz, Petplan remained the market leader with 26.3% of total GWP in 2021.
Reasons to Buy
  • Understand the current and future size of the UK pet insurance market.
  • Discover the impact of COVID-19 and how it has influenced trends in the market.
  • Identify the top players, their products, and their strategies.
  • Discover the impact the cost-of-living crisis will have on the pet space.
  • Learn how the UK pet insurance market will evolve over the next five years.

Table of Contents

40 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • The pet insurance market recorded double-digit growth in 2021
    • The increased number of policyholders and premiums led ton GWP growth in 2021
    • There is room for growth in the number of policyholders
    • GWP is dominated by dog insurance
    • Average premiums vary by type of pet
    • The number of claims increased in 2021
    • Gross claims in the pet insurance market increased
    • The average claim varies considerably depending on the type of pet
    • The UK pet population continues to grow after the COVID boom
    • Allianz continues to dominate the market
    • Policy features from the top providers
    • Revolut enters the pet insurance market
    • The market is beginning to diversify
    • Opportunities exist in the exotic pet market
    • The market is set to continue growing
    • Dog insurance will remain the dominant segment
    • The cost of claims will continue to grow
    • Dog insurance claims incurred will reach GBP918 million by 2026f
    • Cat insurance gross claims incurred will reach GBP179 million by 2026f
    • The cost of claims for other pets will pose the greatest financial burden on insurers
    • Attracting new customers will be key for insurers
    • Regulation and technology
    • AI can help prevent fraudulent claims
    • The power of social media
    • Abbreviations and acronyms
    • Methodology
    • Secondary sources
    • Further reading
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