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Viewing report
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UK Pet Insurance 2010
Datamonitor, Dec 2010, Pages: 60
The pet insurance market witnessed a lower rate of growth in premium income than it was accustomed to in 2009. This report discusses the current consumer attitudes to pet insurance as well as the trends in market distribution, advertising and the key players in the insurance line. It provides forecasts for GWP up to 2014, making it invaluable reading for those with an interest in pet insurance.
Scope:
- The latest data and market research, including information on market size and shifts in pet ownership trends
- Insight into advertising expenditure and consumer behaviour in the market
- An understanding of the competitive environment, and of the impact that new players and market consolidation is having on the pet insurance market
- Forecasts of the market’s GWP growth until 2014, based on primary interview, secondary research and in-house expertise
Highlights:
Higher veterinarian expenses, in conjunction with a greater frequency of claims, have led to a significant level of inflation in the total claims bill, according to industry executives. Varying inflation rates of between 5% and 15% have been reported by industry executives, and the market has seen premium rates increase accordingly.
According to the Datamonitor General Insurance Consumer Survey conducted in March 2010, 26.0% of respondents own a cat, while 23.7% own a dog. While this response does not indicate how many pets are kept in each household, market sentiment suggests that it is more likely for a household to contain multiple cats as opposed to more than one dog.
During the first half of 2010, More Th>n accounted for around 43.4% of the advertising spend of the total pet insurance market. The company dedicated £2.1m to marketing, of which £1.6m was spent on television advertising. This represents a massive increase in budget compared to the £622,000 the company spent during the first half of 2009.How has the pet insurance market been faring recently and how is it forecast to perform in the next four years?
Reasons to buy:
- Gain insight into the future direction of the sector, including market size and the major issues affecting the market.
- Benchmark your company against your competitors based on current and past performances in the market.
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