Dublin, Feb. 20, 2023 (WORLD NEWSWIRE) — The “UK Pet Insurance Consumer Research Report” report has actually been contributed to ResearchAndMarkets.com’s offering.
The UK Pet Insurance Consumer Research Report 2023 deals insights into customer behaviour and objectives. This report is based upon actions from a nationwide UK sample of 517 customers that have some form of animal insurance coverage and, where possible, the latest outcomes are compared to study arises from 2021 and 2019.
In the last couple of years, pet ownership has actually been increasing and this has actually driven a growing need for animal insurance coverage. However, there are numerous animal owners, consisting of those with cats and dogs, that still have no animal insurance coverage so there are opportunities for development. On the other side, the present cost of living crisis, inflation, and minimized non reusable earnings for numerous families might restrict market development in the next one to 2 years plus see some existing policy holders lowering their cover.
By their nature, guaranteed animal owners like to reduce their insurable dangers by being well guaranteed. This discusses why life time insurance coverage, the most costly insurance coverage alternative, is the most popular amongst insured animal owners. This kind of policy is owned by almost 4 out of 10 policy holders in the 2023 study.
The good news for incumbent animal insurance coverage companies is that brand name commitment appears to be fairly strong with a greater portion of grownups in this study, compared to previous years, sticking with their existing insurance provider. Also, less participants in this study state that they are certainly going to change to another insurance provider when the next renewal date shows up.
In the last 12 months, less than 1 in 5 insurance policy holders have actually made a claim. The success rate for claims is fairly high – 68% of claims were totally effective and another 22% were partly effective, 90% in overall.
Over half purchase animal insurance coverage direct from an insurance company. Direct purchases increase substantially for 65s and over. Just under a 3rd purchase by means of a rate contrast website.
Key Topics Covered
1. EXECUTIVE SUMMARY
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Summary
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Over a quarter of grownups have animal insurance coverage
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Price of policy is the primary focus
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Big brand names increasing their share
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Brand commitment crucial specifically for older grownups
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Likelihood of changing has actually slipped from previous studies
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Just under a 3rd have actually made a claim in the last 5 years
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Over half purchase animal insurance coverage direct from an insurance company
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Results for greater earnings families diverge from study average
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Healthy market development
2. INTRO
3. ANIMAL INSURANCE COVERAGE – BACKGROUND
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Over a quarter of grownups have animal insurance coverage
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Lifetime policies take the biggest share
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Like most other customer insurance coverage markets, insurance policy holders focus initially on cost
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Brand commitment crucial for older grownups
4. INSURANCE COVERAGE DECLARES
5. RENEWALS, CHANGING AND BRAND-NEW POLICIES
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Majority have actually stuck with their existing insurance coverage supplier
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Limited changing likely in the next year
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Purchasing direct is still the alternative utilized by a bulk
6. ANIMAL INSURANCE COVERAGE MARKET PATTERN
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Over 17 million families own an animal
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Healthy market development in 2022
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Many insurance coverage companies however 3 big gamers lead the marketplace
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Increased pet ownership and veterinary expenses enhancing animal insurance coverage sales
For more details about this report check out https://www.researchandmarkets.com/r/y8l0qf-pet-insurance?w=12
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