According to the study, ‘Uk Pet Insurance:
Market Dynamics And Opportunities 2018, the two of
the major companies that operate in the UK pet insurance market include RSA
Allianz and Animal Friends. These two companies hold most of the market share
in the segment. It is undoubtedly true that the true potential of the market
has not been tapped fully.
Insurance has been an age old concept however one topic that has
gained much attention is the pet insurance segment of the insurance market. The
pet insurance sector is gaining momentum in terms of value as well as volume.
The United Kingdom pet insurance market has gained a lot potential in the
recent years. The UK pet insurance market has grown rapidly especially in the
year 2017. The UK market is characterized by changing premiums. The payment of
premiums has changed drastically in the recent years. Other areas that have
witnessed a change in the pattern are medical costs as well as pet ownership
trend.
UK pet insurance segment witnessed an increase in the total market
gross written premiums significantly in 2017 as compared to 2016. The number of
policies that were signed by pet owners has also increased considerably in the
present year. Many studies suggest that although the number of pets that are
insured has increased over the years in UK, the overall market still hasn’t
been tapped fully and there remains a huge potential that the large companies
could benefit from. This translates into high growth potential for the UK pet
insurance market.
A traditional pet insurance policy includes the cover various reasons.
These include veterinary fees, third party liability if the pet hurts or
injures a person which leads to a liability, the purchase price of the pet, the
advertising cost to help a person to find his or her pet is stolen, hospitalization
cost involved with taking care of an individual’s pet and even very different
reasons like refund of holiday cancellation charges due to reason which
involves the pets emergency or refund of traveling charges if the pet requires.
Most of the policies that are signed are a full year contract and
require the full amount of the cover to be paid initially, which needs to be
renewed each year. There are various types of pet policies. These include life
time policy; time limited policy, maximum benefit policy as well as accident
only policies that can be claimed only if the pet undergoes an accident.
The pet insurance market is driven by the key factor such as
increasing cost of pet healthcare. The cost of pet healthcare is rising year on
year in the United Kingdom market and those pet owners who are uninsured might
feel the need for insurance. Also, the dog insurance market is the major segment
in terms of volume as well as value.
The market under the pet insurance industry is driven by key
factors. The growth potential in this segment is immense. The companies that
shall be entering this segment could grow to huge heights only if they can provide
highest quality of insurance products for the users’ pets at highly competitive
prices.
For more information
on the research report, refer to below link:
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
