Market Research Report
UK Pet Insurance: Market Dynamics and Opportunities 2018
|Published by||GlobalData||Product code||364719|
|Published||Content info||40 Pages
|UK Pet Insurance: Market Dynamics and Opportunities 2018|
|Published: June 19, 2018||Content info: 40 Pages||
This report analyzes the UK pet insurance market, looking at market size as well as changes in premiums, claims, medical costs, pet ownership, and opportunities. It discusses competitors in the market, how the market is likely to change due to rising costs and emerging technology, and provides future forecasts of market size up to 2022.
The UK pet insurance market experienced another year of growth in 2017, with total market gross written premiums (GWP) of £1,190m - an increase of 13.8% compared to 2016. The number of policies also grew considerably by 10.9% to reach 3.76 million. Yet there is still considerable potential for further growth as the majority of pets in the UK remain uninsured. Medical inflation remains one of the main driving forces behind the increase in GWP, with insurers passing on the cost to policyholders. The sustainability of premium increases endures as this market's greatest challenge and threat.