PUBLISHER: GlobalData | PRODUCT CODE: 1366555
PUBLISHER: GlobalData | PRODUCT CODE: 1366555
This report provides comprehensive analysis of the UK pet insurance market. It explores drivers of uptake and the claims landscape, as well as looking 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.
In 2022, the pet insurance market saw gross written premiums (GWP) rise by 12.8%, amounting to a market worth GBP1.58 billion. Additionally, there was an 11.1% increase in policyholders compared to 2021. Notably, only 24.2% of dogs and 11.9% of cats were insured in 2022, indicating substantial growth potential for the market in the coming years. Our forecasts indicate that GWP will rise each year from 2022 to 2027, with a compound annual growth rate (CAGR) of 4.8% over this period. By 2027, GWP is projected to reach GBP1.99 billion, primarily driven by rising premiums, which are unavoidable due to the increasing cost of veterinary care.