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

2. 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
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3. 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
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4. 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
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UK Pet Insurance: Market Dynamics & Opportunities
© Datamonitor. This report is a licensed product.