United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities
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UK Pet Insurance Market Overview
The UK pet insurance market size was GBP1.58 billion in 2022. The market is expected to achieve a CAGR of more than 4% during 2022-2027. The market will be primarily driven by rising premiums, which are unavoidable due to the increasing cost of veterinary care.
UK Pet Insurance Market Outlook, 2022-2027 (GBP Billion)
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The United Kingdom (UK) Pet insurance market research report provides a comprehensive analysis of the UK pet insurance market. It explores drivers of uptake and the claims landscape, as well as looks at the broader pet market and upcoming regulatory changes. Incumbent competitors are analyzed and compared, alongside relevant newcomers and insurtechs. In addition, the report examines future impactors in the market, including inflation and emerging technologies such as artificial intelligence.
Market Size (2022) | GBP1.58 Billion |
CAGR (2022-2027) | >4% |
Historical Period | 2018-2022 |
Forecast Period | 2023-2027 |
Pet Insurance Products | · Dog
· Cat · Other |
Leading Providers | · Allianz
· RSA · Red Sands · Pinnacle Insurance · U K Insurance |
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UK Pet Insurance Market Dynamics
Partnering with insurtechs is one of the factors expected to drive the market. Pet insurers should look to collaborate with insurtechs that can help them tackle problems within the market. For example, the confirmed value and volume of fraud reached record highs in 2022 according to Association of British Insurers (ABI) data. Technology such as artificial intelligence (AI) can be a useful tool in helping insurers fight these problems. By partnering with insurtech companies that specialize in this technology, pet insurers can leverage AI- and machine learning (ML)-powered algorithms to significantly enhance their fraud detection capabilities, minimize fraudulent payouts, and ensure a more secure and efficient claims process.
UK Pet Insurance Market Segmentation by Products
In 2022, dog pet insurance held the highest share of the pet insurance market.
The key pet insurance products in the UK pet insurance market include insurance for dogs, cats, and others. The greater uptake of dog insurance compared to cat insurance can be attributed to several factors. One primary reason is the elevated cost of veterinary care associated with dogs. This cost differential becomes more pronounced during periods of economic uncertainty when some individuals face financial constraints. To navigate these potential expenses, dog owners are more inclined to invest in pet insurance to ensure their dog receives necessary medical attention without straining their budgets.
UK Pet Insurance Market Analysis by Products, 2022 (%)
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UK Pet Insurance Market - Competitive Landscape
Allianz was the leading company in the UK pet insurance market in 2022.
Some of the leading providers in the UK pet insurance market are:
- Allianz
- RSA
- Red Sands
- Pinnacle Insurance
- U K Insurance
The continued strength of Allianz can be attributed primarily to its subsidiary Petplan, which secures a significant share of GWP. Additionally, contributions from Pets at Home and Allianz itself further reinforced its market presence.
UK Pet Insurance Market Analysis by Providers, 2022 (%)
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Segments Covered in the Report
UK Pet Insurance Market Products Outlook (Value, GBP Billion, 2018-2027)
- Dog
- Cat
- Other
Scope
- The United Kingdom (UK) Pet insurance market research report provides a comprehensive analysis of the UK pet insurance market.
- It explores drivers of uptake and the claims landscape, as well as looks at the broader pet market and upcoming regulatory changes.
- Incumbent competitors are analyzed and compared, alongside relevant newcomers and insurtechs.
- The report examines future impactors in the market, including inflation and emerging technologies such as artificial intelligence.
Reasons to Buy
- Understand the current and future size of the UK pet insurance market.
- Discover the impact of the cost-of-living crisis and how it has influenced trends in the market.
- Identify the top players, their products, and their strategies.
- Learn how the UK pet insurance market will evolve out to 2027.
RSPCA
Go.Compare
National Equine Welfare Council
PDSA
The Royal College of Veterinary Surgeons
The British Veterinary Association
Allianz
Pet Plan
Pets at Home
RSA
Red Sands
Tesco Bank
More Than
John Lewis
M&S Bank
Animal Friends
Pinnacle Insurance
Admiral
Post Office
Sainsburys
Pet Protect
Churchill
Direct Line
U K Insurance
Post Office
Argos
Costco
PetPartners
Shift Technology
App Radar
Holiday Extras
Aviva
Hastings Direct
Cuvva
Table of Contents
Table
Figures
Frequently asked questions
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What was the UK pet insurance market size in 2022?
The pet insurance market size in the UK was GBP1.58 billion in 2022.
-
What is the UK pet insurance market growth rate?
The UK pet insurance market is expected to achieve a CAGR of more than 4% during 2022-2027.
-
What were the products in the UK pet insurance market?
The key pet insurance products in the UK pet insurance market include insurance for dogs, cats, and others.
-
Who are the key providers in the UK pet insurance market?
Some of the leading providers in the UK pet insurance market are, Allianz, RSA, Red Sands, Pinnacle Insurance, and U K Insurance.
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