United Kingdom (UK) Pet Insurance Market Size, Trends, Competitor Dynamics and Opportunities, 2021-2026
United Kingdom (UK) Pet Insurance Market Report Overview
The gross written premium (GWP) in the UK pet insurance market was valued at GBP1.4 billion in 2021 and is expected to grow at a CAGR of more than 6% during 2021-2026. Uncertain macroeconomic conditions and rising inflation will have a significant effect on the pet insurance market. The cost-of-living crisis and rising energy bills will force consumers to cut back on unnecessary spending. However, the rising veterinary costs may force consumers to purchase insurance policies as they will be unable to afford an unexpected vet bill.
The UK pet insurance market research report analyzes the UK pet insurance market, looking at drivers of uptake. It explores the claims landscape in 2021, as well as upcoming regulatory changes. Incumbent competitors are analyzed and compared, along with newcomers and insurtechs within the space. The impact of factors including inflation and emerging technology such as AI on the pet insurance space are also examined.
UK Pet Insurance Market Outlook
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UK Pet Insurance Market Dynamics
The growth of the UK pet insurance market was driven by increase in the number of policyholders and average premiums. The pet insurance market is dominated by dog insurance, any changes that occur are ordinarily driven by this segment. Some consumers are unaware of the cost-saving benefits of insuring their pet at a young age, rather than waiting until their pet gets older. Additionally, care packages offered directly by veterinarians tend to have lower prices attached to them than insurance policies.
Average premiums in the pet insurance market vary significantly depending on the type of pet. One possible reason for the greater uptake of dog insurance compared to cats is that dogs are more expensive in terms of vet bills. Especially during uncertain economic times, dog owners may be less able to afford the cost of veterinary care and instead opt to purchase pet insurance. Additionally, dogs and cats have different medical needs, with dogs typically having a higher risk of medical ailments. Furthermore, as cats are typically allowed out on their own to roam freely, owners may associate the innate independence of cats with an ability to care for themselves, perceiving that there is a reduced need to purchase insurance.
UK Pet Insurance Market Segmentation by Products
The key products in the UK pet insurance market are dog insurance, cat insurance, and other pet insurance. The dog insurance market accounts for the largest number of policyholders in the total market resulting in the lion’s share of GWP and the number of claims.
UK Pet Insurance Market Analysis, by Products
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UK Pet Insurance Market – Competitive Landscape
The leading players in the UK pet insurance market are Petplan, Animal Friends, Admiral, Allianz, PFMA, Canine and Feline Behaviour Association, More Than, RSPCA, Royal College of Veterinary Surgeons, and Defaqto.
UK Pet Insurance Market Report Overview
| GWP (2021) | GBP1.4 billion |
| CAGR (2021-2026) | >6% |
| Key Products | Dog Insurance, Cat Insurance, and Other Pet Insurance |
| Leading Players | Petplan, Animal Friends, Admiral, Allianz, PFMA, Canine and Feline Behaviour Association, More Than, RSPCA, Royal College of Veterinary Surgeons, and Defaqto |
Reasons to Buy
- Understand the current and future size of the UK pet insurance market
- Discover the impact of COVID-19 and how it has influenced trends in the market
- Identify the top players, their products, and their strategies
- Discover the impact the cost-of-living crisis will have on the pet space
- Learn how the UK pet insurance market will evolve over the next five years
Key Players
Table of Contents
List of Tables
List of Figures
Frequently Asked Questions
The UK pet insurance GWP was valued at GBP1.4 billion in 2021.
The UK pet insurance market is expected to grow at a CAGR of more than 6% during 2021-2026.
The key products in the UK pet insurance market are dog insurance, cat insurance, and other pet insurance.
The leading players in the UK pet insurance market are Petplan, Animal Friends, Admiral, Allianz, PFMA, Canine and Feline Behaviour Association, More Than, RSPCA, Royal College of Veterinary Surgeons, and Defaqto.
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