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Viewing report
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UK Pet Insurance 2011
Datamonitor, Oct 2011, Pages: 72
The pet insurance market has become increasingly price-competitive in the past 12 months; however the recession and changing societal trends have recently slowed growth. This report discusses current consumer attitudes to pet insurance as well as trends in market distribution, advertising and key players in the insurance line. It also provides forecasts for GWP up to 2015.
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 2015, based on industry interviews, secondary research and in-house expertise
Highlights:
- 2011 saw universal but varying increases in claims inflation. Industry experts have reported increases of between 6% and 10% and expect this to continue for the next few years. This is primarily due to the steadily rising costs of veterinarian bills, driven by more sophisticated treatments and improvements in technology.
- In 2010 Allianz increased their GWP by 5.3%, reaching a total of £219.8m. While they continue to be the leading player in the market, they have lost 1.5% of their market share.
- The advertising budget in the pet insurance market saw a huge increase between 2009 and 2010, from £6.6 million to £10.5 million, a rise of 58.9%. A significant contribution to this increase has been the expansion of More Than's pet insurance advertising budget, more than trebling its spend in 2010 over that of 2009.
Reasons to buy:
- How has the pet insurance market changed in the last year and how is it forecast to perform in the next five years?
- Is the internet where pet owners buy their pet insurance?
- Who are the leading pet insurance providers and how have they performed in the last year?
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