The UK pet insurance market is booming


UK Pet Insurance Market

A new research paper is added to the 43-page HTF MI database titled “ United Kingdom (UK) Pet Insurance – Market Dynamics and Opportunities ” with detailed analysis, competitive landscape, forecast and strategies . The study covers the geographic analysis which includes regions like North America, Europe or Asia and important players / suppliers like Petplan, Animal Friends, Tesco Bank, More Than, Sainsbury’s Bank, Red Sands , Allianz, RSA, Aviva, UK Insurance, Bought By Many, Waggel, Vitality, PitPat, etc. Get Free Sample Report + All Related Charts & Charts @:

United Kingdom (UK) Pet Insurance – Market Dynamics and Opportunities

This report analyzes the UK pet insurance market, examining the market size as well as changes in premiums, claims, medical expenses and pet ownership. It discusses the competitors in the market, explores how the market is likely to change due to rising costs and emerging technologies, identifies opportunities in the field of pet insurance and provides future forecast of. market size until 2026.

The number of policyholders and gross written premiums (GWP) decreased in 2019, while the number and cost of claims increased. With the rising cost of claims and declining GWP, pet insurers are facing stains on their profits.

– Representing 74% of the market, dog insurance led to a drop in the GWP for 2019 with a 7.2% drop in policyholders. This happened despite a £ 12 reduction in average premiums.
– The average cost of dog and cat claims was £ 830 and £ 643 respectively in 2019.
– Underwritten by Allianz, Petplan remains the market leader with 24.9% of total GWP. Petplan maintained its position with high ad spending.
– In the future, the growth of the market will be slow, the number of claims and premiums increasing. The market is expected to reach a GWP of £ 1,310m in 2024, up from £ 1,171m in 2019 at a compound annual growth rate (CAGR) of 2.3%.

Reasons to buy
– Keep up to date with new trends and innovations in the pet insurance market.
– Compare yourself to your competition.
– Find out about growth in all aspects of the market, what drives it and whether it is likely to continue.

Companies mentioned in the report
Animal friends
Tesco Bank
More … than
Sainsbury Bank
Red sands
Insurance in UK
Bought by many

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1.1. Pet insurance market contracted for the first time
1.2. Main conclusions
1.3. Critical success factors
2.1. 2019 Pet Insurance Market Summary by Product
2.2. UK pet insurance market contracted in 2019
2.2.1. The decline in the number of insureds and premiums led to a contraction of the PRG in 2019
2.2.2. The number of pet insured continued to decline in 2019
2.2.3. GWP dominated by dog ​​insurance
2.2.4. Average premiums vary by type of pet
2.3. The gross cost of claims continued its upward trend despite a decrease in frequency
2.3.1. The number of complaints notified has increased
2.3.2. Gross claims in the pet insurance market have increased
2.3.3. Technology remains a double-edged sword for industry
2.3.4. Vet salaries had little impact on the cost of claims, but that will change
2.3.5. The average claim varies widely depending on the type of pet

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It is essential that you keep your knowledge of the market up to date. If you have a different set of players / manufacturers based on geography or need reports segmented by region or country, we can provide customization accordingly.

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HTF Market Report is a wholly owned trademark of HTF market Intelligence Consulting Private Limited. HTF Market Report The global market intelligence and research consultancy organization is uniquely positioned to not only identify growth opportunities, but also empower and inspire you to create visionary growth strategies for the industry. future, through our extraordinary depth and breadth of thought leadership, research, tools and events. and experience that helps you achieve your goals. Our understanding of the interplay between industry convergence, mega trends, technologies and market trends provides our clients with new business models and opportunities for expansion. We are focused on identifying ‘accurate forecasts’ in each industry we cover so that our clients can reap the benefits of being first-to-market and can achieve their ‘goals and objectives’.

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