Pet Insurance in the UK - Industry Research Report

On paws: The cost-of-living squeeze is causing a slump in demand for pet insurance in 2023-24

Pet insurance policies are more commonplace in the UK insurance services market. An expansion in veterinary costs has encouraged pet owners to take out cover for their pets against accidents and injuries. According to ABI, industry firms underwrite insurance policies, with over 95% of insurance policies for cats and dogs. Industry revenue has expanded due to rising premium costs due to the innovation of new and more expensive procedures that can be performed on cats and dogs. Industry revenue is expected to increase at a compound annual rate of 3.2% over the five years through 2023-24 to reach £1.9 billion. This includes estimated revenue growth of 3.8% in 2023-24.

This industry underwrites insurance policies for pets and pays veterinary costs related to illness or injury.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.