United Kingdom (UK) Pet Insurance Market Report Overview
In 2023, lower than 40% of all prospects renewed their insurance policies with their present supplier. Customers most well-liked to renew insurance policies for each canine and cat insurance coverage. This 12 months the proportions of consumers who shopped round for canine and cat insurance coverage grew by greater than 1 pp in comparison with 2022.
The United Kingdom (UK) Pet Insurance Distribution Dynamics by Channels and Future Market report explores how buying preferences have modified over time. It reveals the preferred suppliers out there and their improve in shares. Furthermore, new traits and improvements are highlighted, in addition to the important thing elements that can affect the market over the following few years.
| Channels | · Affinity · Broker 
· Bank · Insurer · OCW · Others |
| Leading Providers | · Petplan
· Animal Friends · Tesco Bank · ManyPets · Aviva |
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A couple of of the important thing traits shaping the UK pet insurance coverage market are the scarcity of vets, growing use of expertise, and concentrate on product improvement amongst others.
Product improvement: In May 2023, PetCompanions launched OnePack, an employer-based group pet insurance coverage providing. The OnePack plan supplies employers with a novel and simplified strategy to providing pet insurance coverage as a part of their worker advantages packages. This progressive plan operates beneath the “One Group, One Policy, One Rate” mannequin, which signifies that the employer turns into the grasp policyholder, providing a single charge for all taking part staff.
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UK Pet Insurance Market – Channels
A couple of of the main channels within the UK pet insurance coverage market are affinity, dealer, financial institution, insurer, OCW, and others. Online strategies dominated pet insurance coverage purchases throughout most channels. Online by way of a PC/laptop computer is the preferred method to buy each canine and cat insurance coverage within the UK.
In 2023, switching insurers was commonest amongst prospects who bought by way of a PCW. PCWs frequently supply rewards for utilizing their web site to change suppliers or purchase a brand new coverage. Moreover, the cost-of-living disaster and excessive inflation within the UK have made value an much more essential issue for a lot of prospects.
UK Pet Insurance Market Analysis by Channels, 2022 (%)
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UK Pet Insurance Market – Competitive Landscape
A couple of of the main suppliers within the UK pet insurance coverage market are:
- Petplan
- Animal Friends
- Tesco Bank
- ManyPets
- Aviva
In 2023, the highest 10 suppliers accounted for greater than 74% of the market. Petplan was the biggest supplier, and its market share elevated considerably in comparison with 2022. It has a powerful presence out there and is a longtime subsidiary of Allianz. Petplan affords three distinct lifetime insurance policies (Classic, Classic+, and Ultimate), every providing various levels of protection.
UK Pet Insurance Market Analysis by Providers, 2022 (%)
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Scope
- This report explores how buying preferences have modified over time within the UK pet insurance coverage market.
- The report elaborates on what’s most influential to prospects when buying a pet insurance coverage coverage and divulges the preferred suppliers out there.
- New traits and improvements are highlighted within the report, in addition to the important thing elements that can affect the market over the following few years.
Key Highlights
- In 2023, Petplan and Animal Friends registered double-digit market shares.
- The prime 10 suppliers accounted for greater than 74% of the market.
- Direct Line was the one new entry to the highest 10 for cat insurance coverage in 2023, though there have been modifications within the positions of the opposite suppliers. Tesco Bank recorded the biggest market share improve among the many prime 10 cat insurance coverage suppliers.
Reasons to Buy
- Understand shopper buying choices and the way these will affect the market over the following few years.
- Improve buyer engagement by recognizing what’s most essential to them and the way insurers can adapt their services and products to satisfy their wants.
- Compare the Net Promoter Scores of key insurance coverage suppliers.
- Discover which suppliers paved the way within the pet insurance coverage area and study new product improvements.
- Adapt your distribution technique to make sure it nonetheless meets buyer buying habits.
