(MENAFNEditorial) UK Pet Insurance Industry Key Trends, Company Profiles and Opportunities to 2019 Now Available at ReportsWeb.com UK Pet Insurance Market Report 2016-2019 - Analysis, Trends, Opportunities & Forecasts - Key Vendors: Allianz Insurance, Direct Line Group, Zenith, Pinnacle Etc
PUNE, MAHARASHTRA, INDIA, July 29, 2016 /EINPresswire.com/ -- Pet Insurance in the UK - Key Trends and Opportunities to 2019 - published by Insurance industry specialists, This report provides comprehensive market analysis and insights into the UK Pet Insurance Industry, to help you gain a better understanding of the market size, dynamics and potential growth opportunities.
Evaluate the competitive landscape, assess the impact of regulatory developments and investigate the ongoing challenge of claims inflation - ensure you are best positioned to protect your market share and drive revenue growth.
Pet Insurance in the UK - Key Trends and Opportunities to 2019
Investigate the ongoing challenge of claims inflation in the UK industry. Determine the degree to which higher veterinary bills and more expensive treatments are making it difficult for insurers to maintain their margins
Evaluate the competitive landscape of the UK pet insurance industry; in particular consider the impact of smaller online-based insurers on the existing limited number of underwriters
The pet insurance category rose by 11.8% in 2014, driven by increases in the cost of veterinary treatment and improved awareness of the benefits of cover. The category posted a review period (2010 to 2014) compound annual growth rate (CAGR) of 7.5%, expanding from GBP645.2 million in 2010 to GBP861.8 million in 2014. According to the Association of British Insurers (ABI), pet insurance uptake remains low, with only 25% of dogs and 15% of cats insured in the UK. Affinity partnerships with household brands and strong links with the veterinary sector and animal welfare organizations contributed to premium growth.
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Advances in veterinary care mean that pet owners can now expect improved diagnosis and treatment for their pets. However, this can be expensive and has led to an improvement in the uptake of pet insurance. Insurers have been passing on the increasing costs of vet bills to their customers. This practice has helped them sustain premium growth. The pet insurance category expanded at a slower pace in 2012 and 2013, as a number of insurers withdrew cover, and affinity connections by some providers were lost.
The rising cost of veterinary care, and advances in treatment for illness and injury led to an increase in the cost of claims in the pet insurance category. According to the ABI, in 2014 pet insurers paid out over GBP602 million in claims, the equivalent of GBP1.65 million a day and an increase of nearly 15% on the previous year. The average cost of a claim for cats rose to GBP679, while for dogs it is even higher at GBP683. Claims can run into thousands of pounds if a pet needs to have a surgery or develops an ongoing condition. Nearly 800,000 claims were made by cat and dog owners in 2013, an increase of 8% since 2010. According to Allianz-owned Petplan, pet owners are more likely to claim on their pet insurance than they are to claim on their home or car insurance.
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Scope
Historical values for the UK pet insurance market from 2010 to 2014, with forecasts up to 2019
Strategic insight on claims and a snapshot of general market dynamics
Analysis of key market drivers in the UK pet insurance industry
An analysis of the key features of the dominant pet insurance products in the UK market
Profiles of the top pet insurers in the UK, including an analysis of their response to the key challenges facing them in the current marketplace
An investigation of distribution channels for pet insurance products
Insight on key competitors, with details of their performance and any strategic initiatives undertaken
The latest deals and news in the UK pet insurance category
Key Highlights
UK pet insurers delivered strong results in 2014
Claims inflation is a challenge as vet costs continue to rise
Pet premiums are heading towards GBP1.1 billion
Pet owners can arrange cover through a variety of channels
The market remains consolidated, but competition is growing.
Reasons to Buy
Gain an understanding of the key issues in the UK pet insurance market
Learn about the key challenges for UK pet insurers and claims trends
Understand competitive landscape in terms of key underwriters and brands
Find out more about the key distribution channels in the category
Explore the latest regulatory developments, deals and news in the category
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Major Points from Table of Contents
1 Executive Summary
2 Introduction
3 Market Analysis
4 Claims
5 Market Drivers
6 Market Outlook
7 Distribution Channels
8 Competitive Landscape
9 Deals and News
10 Regulation and Compliance
11 Economic Backdrop
12 Company Profiles
12.1 Allianz Insurance Plc Company Overview
12.2 Direct Line Insurance Group Plc Company Overview
12.3 Great Lakes Reinsurance (UK) Plc Company Overview
12.4 Liverpool Victoria Company Overview
12.5 NFU Mutual Company Overview
12.6 Pinnacle Insurance Plc Company Overview
12.7 QBE Insurance (Europe) Ltd Company Overview
12.8 Red Sands Insurance Company (Europe) Ltd Company Overview
12.9 Royal & Sun Alliance Insurance Plc Company Overview
12.10 Zenith Insurance Plc Company Overview
13 Statistics
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