Dublin, Nov. 15, 2023 (GLOBE NEWSWIRE) — The “United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities” report has been added to ResearchAndMarkets.com’s providing.
In 2022, the pet insurance coverage market noticed gross written premiums (GWP) rise by 12.8%, amounting to a market value GBP1.58 billion. Additionally, there was an 11.1% improve in policyholders in comparison with 2021.
This report offers complete evaluation of the UK pet insurance coverage market. It explores drivers of uptake and the claims panorama, in addition to wanting on the broader pet market and upcoming regulatory adjustments. Incumbent opponents are analyzed and in contrast, alongside related newcomers and insurtechs.
In addition, the report examines future impactors available in the market, together with inflation and rising applied sciences corresponding to synthetic intelligence.
Notably, solely 24.2% of dogs and 11.9% of cats have been insured in 2022, indicating substantial progress potential for the market within the coming years. Our forecasts point out that GWP will rise annually from 2022 to 2027, with a compound annual progress fee (CAGR) of 4.8% over this era. By 2027, GWP is projected to achieve GBP1.99 billion, primarily pushed by rising premiums, that are unavoidable as a result of rising cost of veterinary care.
Scope
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The canine insurance coverage market accounted for the biggest variety of policyholders within the whole market (69.2%) in 2022. As a end result, canine insurance coverage additionally accounted for the lion’s share of GWP (78.5%) and variety of claims (77.7%).
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Cat insurance coverage accounted for 18.5% of GWP and 27.9% of policyholders in 2022, whereas different pets accounted for 3% of GWP and a couple of.9% of policyholders.
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Average premiums for dogs and cats rose marginally, whereas common premiums for different pets fell by 19.8% from 2021 to 2022.
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The whole variety of reported claims elevated by 28.4% in 2022, reaching a file excessive within the course of.
Reasons to Buy
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Understand the present and future measurement of the UK pet insurance coverage market.
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Discover the influence of the cost-of-living disaster and the way it has influenced developments available in the market.
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Identify the highest gamers, their merchandise, and their methods.
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Learn how the UK pet insurance coverage market will evolve out to 2027.
Key Topics Covered:
1. Executive Summary
1.1 Market overview
1.2 Key findings
1.3 Critical success elements
2. Pet Insurance Market Dynamics
2.1 The pet insurance coverage market grew by 12.8% in 2022
2.2 The elevated variety of policyholders led to GWP progress in 2022
2.3 The variety of pet insurance coverage policyholders recorded double-digit progress in 2022
2.4 Dog insurance coverage continues to dominate GWP
2.5 Average premiums range by kind of pet
2.6 The variety of claims elevated to file highs in 2022
2.7 Gross claims surged above GBP1 billion
2.8 The common declare varies significantly relying on the kind of pet
3. The Structure of the UK Pet Insurance Market
3.1 Allianz continues to dominate the market
3.2 Policy options from the highest suppliers
3.3 PetCompanions launches an employer-based group pet insurance coverage providing
4. The Market Going Forward
4.1 The market is ready to proceed rising
4.2 Dog insurance coverage will stay the dominant phase
4.3 Pet insurers may companion with insurtechs to fight fraudulent claims
4.4 Consumers are more and more downloading insurance coverage apps
4.5 Social media could be a highly effective device for insurers
5. Appendix
A choice of firms talked about on this report consists of
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UK Pet Food
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RSPCA
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Go.Compare
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National Equine Welfare Council
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PDSA
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The Royal College of Veterinary Surgeons
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The British Veterinary Association
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Allianz
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Pet Plan
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Pets at Home
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RSA
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Red Sands
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Tesco Bank
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More Than
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John Lewis
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M&S Bank
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Animal Friends
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Pinnacle Insurance
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Admiral
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Post Office
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Sainsburys
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Pet Protect
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Churchill
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Direct Line
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U Ok Insurance
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Post Office
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Argos
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Costco
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PetCompanions
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Shift Technology
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App Radar
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Holiday Extras
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Aviva
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Hastings Direct
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Cuvva
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Instagram
For extra details about this report go to https://www.researchandmarkets.com/r/da4b6j
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