UK Pet Insurance: Market Dynamics and Opportunities 2017
Summary
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Product penetration has also risen, but at a considerably slower rate than GWP or claims incurred, with the number of subscribers increasing by just 2.0%, to reach 3.4 million in 2016.
Key findings include in this report -
- The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
- Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
- Available data with regards to the
- Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.
Pet insurance market continued on an upward trend with regards to market size in 2016. Strong growth in GWP was seen yet again, but the market remains blighted by significant increases in the number of reported claims, which grew to record levels. The ongoing growth in GWP has been driven by the response to a tough claims environment with rising prices, as insurers look to improve returns and generate better business. The greatest issue facing this market is that insurers cannot continue raising premiums by almost 10% every year without driving customers away.
Market leader
The report "
Companies mentioned in this report: RSA, Aviva,
Scope
- The pet insurance market broke the £1bn mark in GWP for the first time in 2016 as insurers continue to battle rising medical costs.
- Having previously been under-represented on price comparison sites, many pet providers now see them as a crucial distribution channel.
- Insurtech is entering the market with Fitbit-style technology, a range of apps, and innovative comparison sites beginning to emerge.
Reasons to buy
- Keep up to date with the new trends and innovations in the market.
- Benchmark yourself against competitors.
- Learn about growth in all aspects of the market, what is driving it, and whether it looks set to continue.
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View original content:http://www.prnewswire.com/news-releases/uk-pet-insurance-market-dynamics-and-opportunities-2017-300524039.html
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