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)

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 (%)

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 (%)

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.

UK Pet Food
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
Instagram

Table of Contents

  • 1. Executive Summary

    • 1.1 Market overview
    • 1.2 Key findings
    • 1.3 Critical success factors

  • 2. Pet Insurance Market Dynamics

    • 2.1 The pet insurance market grew by

      12.8% in 2022

    • 2.2 The increased number of policyholders led to GWP growth in 2022
    • 2.3 The number of pet insurance policyholders recorded double-digit growth in 2022
    • 2.4 Dog insurance continues to dominate GWP
    • 2.5 Average premiums vary by type of pet
    • 2.6 The number of claims increased to record highs in 2022
    • 2.7 Gross claims surged above GBP1 billion
    • 2.8 The average claim varies considerably depending on the type of pet

  • 3. The Structure of the UK Pet Insurance Market

    • 3.1 Allianz continues to dominate the market
    • 3.2 Policy features from the top providers
    • 3.3 PetPartners launches an employer-based group pet insurance offering

  • 4. The Market Going Forward

    • 4.1 The market is set to continue growing
    • 4.2 Dog insurance will remain the dominant segment
    • 4.3 Pet insurers could partner with insurtechs to combat fraudulent claims
    • 4.4 Consumers are increasingly downloading insurance apps
    • 4.5 Social media can be a powerful tool for insurers

  • 5. Appendix

    • 5.1 Abbreviations, acronyms, and initialisms
    • 5.2 Methodology
    • 5.3 Secondary sources
    • 5.4 Further reading

  • 6. About GlobalData
  • 7. Contact Us

Table

Table 1: Breakdown of the pet insurance market by product, 2022

Table 2: The claims landscape in the pet insurance market, 2018–22

Table 3: Average claims cost by pet, 2018–22

Table 4: Petplan’s pet insurance products

Table 5: Animal Friends’ pet insurance products

Table 6: Tesco Bank’s pet insurance products

Table 7: The split of the pet insurance market, 2022–27

Figures

Figure 1: UK pet insurance GWP grew by 12.8% in 2022

Figure 2: The number of pet insurance policyholders continued to grow in 2022

Figure 3: Dog insurance accounted for more than two thirds of total policyholders in 2022

Figure 4: Inflation is expected to have peaked in 2022

Figure 5: Dogs accounted for 78.5% of pet insurance GWP in 2022

Figure 6: The average premium for other pets fell by 19.8% in 2022

Figure 7: The cost of veterinary services and other services for pets is rising

Figure 8: The total number of reported claims increased by 28.4% in 2022 to reach a record high

Figure 9: The total confirmed value and volume of fraudulent claims reached record highs in 2022

Figure 10: Gross claims incurred increased by 16.8% in 2022

Figure 11: The average dog claim fell by 8.5% in 2022 – the first decrease since 2017

Figure 12: There is room for growth for tracking technology to monitor pets in the UK

Figure 13: Allianz was responsible for the largest share of premiums in the pet insurance market in 2022

Figure 14: Allianz accounted for the most contracts in 2022

Figure 15: The pet insurance market is set to reach just under GBP2 billion by 2027

Figure 16: There is potential for growth in the pet insurance market

Figure 17: There will be 4.6 million pet insurance policyholders by 2027

Figure 18: Forecasting methodology

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