UK Pet Insurance: Market Dynamics and Opportunities

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Presentation transcript:

UK Pet Insurance: Market Dynamics and Opportunities Stewart McEwan Senior Analyst, General Insurance

The pet insurance market approached GWP of £800m in 2013. UK PET INSURANCE: MARKET DYNAMICS & OPPORTUNITIES GWP & medical inflation The pet insurance market approached GWP of £800m in 2013. Market growth primarily driven by premiums increases to cover claims inflation. The market GWP is forecast to exceed £1bn by 2016. Co-insurance : Regarded as an essential device in the future health of the pet insurance market provides an alternative to the otherwise spiraling premium rates attached to policies Engages owners in the cost decisions concerning their pet’s treatment UK Pet Insurance: Market Dynamics & Opportunities © Datamonitor. This report is a licensed product.

UK PET INSURANCE: MARKET DYNAMICS & OPPORTUNITIES Cats & dogs The overall cat and dog population is expected to sit at 17.7 million …However, the dog insurance market is three times the size of the cat market. Pet owners aged between 25 and 34 are the most likely to hold either dog or cat insurance Improving economic conditions signal opportunities in the market 7.7 million £546m GWP (43.5%) 10 million £172m GWP (21.8%) UK Pet Insurance: Market Dynamics & Opportunities © Datamonitor. This report is a licensed product.

Product penetration is expected to have only very slowly grown UK PET INSURANCE: MARKET DYNAMICS & OPPORTUNITIES Improving product take-up Product penetration is expected to have only very slowly grown Significant improvement in market penetration will require: Developing the role of aggregators in the market The use of new channels, particularly social media Working closer with vets Offering flexibility in products. Providing reassurance to pet owners UK Pet Insurance: Market Dynamics & Opportunities © Datamonitor. This report is a licensed product.

datamonitorfinancial.com Reliable data, actionable insights United States / 52 Vanderbilt Avenue, 7th Floor, New York, NY 10017, USA United Kingdom / Christchurch Court, 10-15 Newgate Street, London, EC1A 7AZ, UK Japan / Da Vinci Ginza East 7th Floor, 5-14-5 Ginza, Chuo-ku, Tokyo 104-0061, Japan China / 23rd Floor, China Online Centre, 333 Lockhart Road, Wanchai, Hong Kong, China Australia / Level 18, 347 Kent Street, Sydney, NSW 2000, Australia Datamonitor is owned and operated by Informa plc (“Informa”) whose registered office is Mortimer House, 37-41 Mortimer Street, London, W1T 3JH. Registered in England and Wales Number 3099067. UK Pet Insurance: Market Dynamics & Opportunities © Datamonitor. This report is a licensed product.