Showing posts with label UK Pet Insurance Sector. Show all posts
Showing posts with label UK Pet Insurance Sector. Show all posts

Friday, January 13, 2023

Increasing companion animal population, adoption of advance technology and rising animal health concerns had driven UK Pet Insurance Market: Ken Research

 Focus On Growing Awareness and Increasing Companion Animal Population Are Major Factor Contributing Towards Development of Construction Chemical Market in UK.

Increasing Companion Animal Population: The major reason for the growth in pet insurance market is because of the increase in companion animal population. The reason behind this is the increase in the prevalence of mental illnesses in humans such as clinical depression, anxiety-related issues, personality disorder, and psychotic disorder and one of the popular treatments for mental illness is animal-assisted therapy, as animals can provide patients with emotional support.

Increasing use of Technology:  Telehealth adoption has rapidly increased during the pandemic because people were avoiding in-person veterinary examinations due fear of spreading the virus. Furthermore, technologies like smart monitoring can monitor pets’ behavior, analyze it and help owners to make the proper adjustments. Thus, IOT pet tracking devices can also help insurers observe pets eating habits, activity levels and movement around house. Pet insurers are also increasingly utilizing innovative technology to offer activity tracking for pets. For instance, Whistle’s and Pit Pat’s pet use tracker devices to provide services such as health monitoring, fitness tracking, location alerts, and diet suggestions.

Rising Animal Health Concerns: As the pet population is increasing in UK, so the health-related concern of pet is also increasing. Nowadays pets are suffering from lots of diseases like liver disease, arthritis and gall bladder disorder etc. and the costs of vets is very high. For avoiding these types of extra expenditure pet owners are stared to taking pet insurance cover for their pet life which is making pet insurance more popular in UK. Furthermore, for the prevention of obesity people are making their animals to participate in sports such as horse racing which also increases the probability of pet injuries and accidents, further boosting the pet insurance market.  By watching this trend, the pet insurance companies have also started covering sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy which has also become a major reason for the growth in UK pet insurance market.

Analysts at Ken Research in their latest publication “UK Pet Insurance Market Outlook to 2027F - Driven by Rising Companion Animal, High veterinary costs and Technology advancement” by Ken Research observed that UK Pet Insurance market is in the growing phase, growing at CAGR of 5.3% between 2017-2022P owning to the increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. It is expected that UK Pet Insurance market will continue to grow, at a CAGR of 4.8% for the 2022P-2027F forecasted period.

UK Pet Insurance Market

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Key Segments Covered

UK Pet Insurance Market:

By Product Type, 2022P & 2027F: 

  • Life Insurance
  • Non-Life Insurance

By Insurance Type, 2022P & 2027F: 

  • Cover for Life
  • Maximum Benefit
  • Accident Only (12 months)

By Mode of Distribution, 2022P & 2027F: 

  • Direct (Online)
  • Others (Broker, Agency, Advertisements etc.)

By Age of Animals, 2022p & 2027F:

  • Below 6
  • 6 and Above

By Type of Animal (Premium collected), 2022P & 2027F:

  • Dog
  • Cat
  • Others (Rabbit, Horses, Reptile, Birds.)

By Number of Animals, 2022P & 2027F:

  • Dog
  • Cat
  • Others (Rabbit and other Exotic pets.)

Key Target Audience

  • Private Insurance Providers
  • Public Insurance Providers
  • Insurance Agency
  • Bancassurance
  • Brokers
  • Direct Sales
  • Related Government Agencies
  • New Entrants

Time Period Captured in the Report:

Historical Period: 2017-2022P

Base Year: 2022P

Forecast Period: 2022P – 2027F

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Companies Covered:

  • Petplan
  • Direct line
  • More th>n
  • Agria
  • Many Pets

Key Topics Covered in the Report:

  • Country Overview of UK
  • UK Pet Insurance Market Overview
  • Business Cycle and Genesis of UK Pet Insurance Market
  • Ecosystem of UK Pet Insurance Market
  • End-to-end process of UK Pet Insurance
  • UK Pet Insurance Market Size, 2017-2027F
  • Market Segmentation of UK Pet Insurance Market
  • Industry Analysis of UK Pet Insurance Market
  • SWOT Analysis of UK Pet Insurance Market
  • Porter’s Five Forces Analysis
  • Growth Drivers of UK Pet Insurance Market
  • Challenges in the UK Pet Insurance Market
  • Trends and Developments in UK Pet Insurance Market
  • Impact of Covid in UK Pet Insurance Market
  • End User Analysis
  • Cross Comparison of Major Players in UK Pet Insurance Market (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives)
  • Future Outlook of UK Pet Insurance Market
  • Analyst Recommendation

For more insights on the market intelligence, refer to the link below: –

Future Outlook of UK Pet Insurance Market

Related Reports by Ken Research: –

Spain Pet Insurance Market Outlook to 2027F

Sweden Pet Insurance Market Outlook 2027F

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Friday, April 28, 2017

Rising Vetnary Cost a Challenge for PET Insurers in the UK: Ken Research

In 2016, it was estimated that around 40% of the households in UK have pets and the total pet population stands at around 57 million of which the dog population is 8.5 million and cat population is 7.5 million. Now-a-days, more and more pet owners are opting for insurance. This is mainly due to increase in vet bills. Pet insurance is designed to cover medical expenses if the insured pet falls ill or is injured in an accident. Most products cater for cats and dogs, although there are policies available for rabbits, horses/ponies and more exotic pets also. The pet insurance market is currently experiencing strong growth as there is huge untapped market potential but at the same time it is also facing difficulties due to medical inflation and accelerating premiums.
UK Pet Insurance Market Research
UK has nearly as many pets as people so unexpected visits to the vet is very common. In fact, the veterinary costs are almost one third of the total household spending on pets. This is also accompanied by advances in veterinary care which in turn increase the cost of treatments. Due to this, more number of pet owners is taking insurance. Also, improved awareness amongst people about the benefits of insurance has further assisted the growth of this market. According to a report announced by Ken Research titled “UK Pet Insurance: Market Dynamics and Opportunities 2016”, there has been a rise in the product penetration with an increase in the number of policy subscribers. The dog insurance market is three times the size of the cat market and about one third of cats and half of dogs are insured. Still around 56% of the pet owners are uninsured creating huge market potential for new and existing player.
The market also faces certain challenges. Medical inflation and increase in veterinary costs have made it difficult for the insurers to maintain a margin due to increase in the cost of claims. This increased pressure on the insurers is being passed on to the pet owners in terms of higher premiums. It has also raised questions on the quality of insurance provided. Some pet owners also find the different levels of cover confusing.
Despite the challenges, the pet insurers have well-established distribution networks. Though many pet owners prefer to get in touch with the insurer directly but there are a significant number of people who value convenience, are seeking alternative channels to obtain their policies. Moreover, the retail providers are the second most popular channel of distribution for pet insurance. This can be attributed to increase spending in marketing and advertising. The insurers are trying to boost product take up by making their product available on different propositions and price comparison sites. Use of online platforms to spread awareness and better reach their target segment has helped them in making their products easily available and offer simple online purchasing solutions.  Due to the growth of online media, there has been an increase in the number of small players leading to increased competition. Although it has been observed that pet insurance are not well served on price comparison sites as it is not seen by the customers as a commodity. Due to this reason, major players are still refraining from using these price comparison sites as a means of product distribution.
Pet insurance appears as an attractive market with lot of opportunities but they also struggle in terms of increasing premiums and complexity of their products. Hence, the insurers need to focus on providing simpler and more attractive packages which also ensures quality at a reasonable price. They need to educate the customers about the different cover levels and maintain transparency in terms of pricing and terms and conditions of the policy. They need to provide value to the customers. This will help the customer in making an informed decision which will definitely lead to better satisfaction. Also, the insurers need to work closely with the vet practices to have better control of costs. If taken care of, the above mentioned points can help new entrants and existing players benefit for a long period of time. Some of the players in the pet insurance market are Tesco Bank, M&S Bank, Aviva, Pinnacle, Pet Plan, John Lewis Finance Pet Insurance, Sainsbury’s Bank etc.
Key Topics Covered in the Report:
Non-Life Insurance Industry Denmark
UK Insurance Sector Outlook
UK Non- Life Insurance Market Research
Non-Life Insurance Sector Trends UK
UK General Insurance Regulations
UK Pet Insurance Market Size
UK Pet Insurance Market Research
UK Pet Insurance Sector
UK Pet Insurance Industry
For more information, click on the link below:
Related Reports
Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
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