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SummaryUK pet insurance market continue to grow, with gross written premiums (GWP) increasing by 6.3% from £853m in 2014 to £910m in 2015. Medical inflation remains the underlying factor driving GWP, with the quality of medical treatments and veterinary procedures influencing cost greatly and sparking inflationary pressure. Product penetration has also grown, with the number of policy subscribers continuing its upward trend from 2012 to reach 3.4 million – an increase of 8.7% from 2014. The market has been battling to increase product take-up and is vying to maintain distribution output by increasing the availability of policies on direct propositions and price comparison sites. Aggregators still serve the pet space, but while many of the smaller providers continue to place more of their business onto these platforms, the major players are still refraining from using price comparison sites as a means of product distribution – with good reason.
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Key Findings
• Medical costs and pet care continue to influence the cost of claims significantly, and as a result encourage insurers to raise the price of their premiums.
• The pet insurance market is expected to break the £1bn mark for the first time in 2016 as insurers continue to battle rising costs.
• Pet insurance is not well served on price comparison sites and is not typically viewed by customers as a “commodity” – more care and attention is required before purchasing.
• Much of the available data with regards to the UK pet population and pet ownership suggests dogs now lead the way over cats, after the roles were reversed in 2014.
Synopsis
“UK Pet Insurance: Market Dynamics and Opportunities 2016” report provides in-depth analysis of the UK pet insurance market. Among the points discussed include how the pet insurance market continued on an upward trend in 2015. GWP grew in line with the increase in product penetration and number of policy holders, but at the same time the market was blighted by significant increases in the number of reported claims, which grew to record levels in 2015. The ongoing growth in overall market GWP has been driven by a combination of both the response to a tough claims environment through rising premiums and policy volume, as insurers look to improve returns and generate better business. The report also provides a thorough overview of the external factors driving the market, along with future forecasts.
Reasons to Buy
• Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and significant market developments occur.
• Be informed of how insurers are faring amid the increasing cost of claims in the face of developments in pet care and advancing medical treatments.
Table of Content: Key Points
EXECUTIVE SUMMARY
The UK pet insurance market continues to grow amid the rising cost of claims
Key findings
Critical success factors
THE PET INSURANCE MARKET
UK pet insurance continues to grow, but claims are having a damaging effect
Claims inflation continues to challenge GWP growth in the pet space
Pet insurance GWP grew 6.7% to £910.1m in 2015
Advances in medical treatments continue to drive claims costs
Insurer losses in the pet insurance market increased significantly in 2015
The UK pet population has fallen from 2014
Dog ownership is now higher than cat ownership
Compulsory micro chipping is shaping the way owners track and monitor their dogs
Northern Ireland has the highest dog count in the UK at over one third of the population
Pet insurance take-up increased significantly from 2014
Take-up was spurred by the need to avoid heavy vet bills and access better treatment
Customers are leaning more towards lifetime policies
ECONOMIC CONDITIONS AND DYNAMICS OF THE MARKET
Costly vet treatments are encouraging insurers to take control of the market
RSA aims to manage the cost of pet insurance with the launch of a new scheme
Insurers must work closer with vet practices to have better control of costs
Pricing needs to be more transparent for pet insurance customers
The corporatization of the pet space and a lack of skills are contributing to price increases
Pet insurance is seen as a low-ticket item but does not fit the aggregator mold
Price comparison sites fail to serve the pet space as they do other personal lines
Lifetime policies are the main attraction for customers
Co-insurance is coming back into fashion and is set to become a mainstream product
DEVELOPMENTS IN 2016 AND BEYOND
…Continued
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