London, UK (PRWEB) April 03, 2015
Notwithstanding the deep recession and a decrease in household incomes, demand for pet insurance remains strong in line with advancements in veterinary treatment and surging veterinary fees. Household spending on veterinary care grew by 22.2% during 2008-2012. Despite fast-paced growth, pet insurance market penetration was low, with close to 46% of dogs and 66% of cats left uninsured as of 2012, lelading to enormous potential for providers of new products. The hike in fraudulent claims and claims inflation are a growing concern for et insurance providers.
The pet insurance sector is expected to gain momentum in the coming years, fuelled by the skyrocketing cost of claims and soaring veterinary bills; the category is projected to post a CAGR of 11.3% through to 2017. Gross written premiums collected in the pet insurance category are expected to reach GBP 1.1 billion (around USD 1.72 billion) by end-2017.
The market is highly consolidated, however, the competition is growing stonger. The category has also seeen a growing tendency of insurers to conclude affinity deals with retailers, charities, vets and animal welfare organisations. Great Lakes Reinsurance (UK) Plc, QBE Insurance (Europe) Ltd, Allianz Insurance Plc, Royal & Sun Alliance Insurance Plc, Axa UK Plc, Zenith Insurance Plc, Pinnacle Insurance Plc, and Liverpool Victoria Group, among others, are the leading companies.
In-demand report “Pet Insurance in the UK, Key Trends and Opportunities to 2018” developed by Timetric is now available MarketPublishers.com.
Title: Pet Insurance in the UK, Key Trends and Opportunities to 2018
Published: March, 2015
Price: US$ 2,795.00
The research report takes a 360-degree look at the UK pet insurance market space. It presents historical values for the sector for the 2009–2013 analysis period and forecast data through to 2018. The study gives an in-depth overview of claims, market dynamics and market drivers; discusses key pet insurance products and their features along with distribution channels. Adidtionally, the research report contains profiles of the leading pet insurers in the country as well as outlines key challenges faced by them and strategic incentives undertaken.
Reasons to Buy:
- Gain a profound understanding of the UK pet insurance sector, with a brief review of the market size, dynamics and future outlook.
- Target service and product improvements pheres by getting a complete understanding of insurance claims performance, key major drivers, and channels of distribution.
- Devise and implement successful product and market development strategies with a deep understanding of the competitive scenario in terms of top brands and underwriters.
- Investigate the product types and leading competitors in the market with granular profiles of top-level local pet insurers and the major challenges that are facing them.
- Keep an eye on future opportunities with detailed information on major deals and latest developments in the marketplace in tandem with regulatory developments in the category and news.
More in-demand studies by the publisher can be found at Timetric page.