United Kingdom Pet Insurance Consumer Research Report 2023: Survey Results from 500+ Consumers

PR Newswire

DUBLIN, Feb. 20, 2023 /PRNewswire/ -- The "UK Pet Insurance Consumer Research Report" report has been added to ResearchAndMarkets.com's offering.

The UK Pet Insurance Consumer Research Report 2023 offers insights into consumer behaviour and intentions. This report is based on responses from a national UK sample of 517 consumers that have some form of pet insurance and, where possible, the latest results are compared with survey results from 2021 and 2019.

In the last few years, pet ownership has been increasing and this has driven a growing demand for pet insurance. However, there are many pet owners, including those with cats and dogs, that still have no pet insurance so there are opportunities for growth. On the flip side, the current cost of living crisis, inflation, and reduced disposable income for many households may limit market growth in the next one to two years plus see some existing policy holders reducing their cover.

By their nature, insured pet owners like to minimise their insurable risks by being well insured. This explains why lifetime insurance, the most expensive insurance option, is the most popular among insured pet owners. This type of policy is owned by almost four out of 10 policy holders in the 2023 survey.

The good news for incumbent pet insurance providers is that brand loyalty seems to be relatively strong with a higher percentage of adults in this survey, compared to previous years, staying with their existing insurer. Also, fewer respondents in this survey say that they are definitely going to switch to another insurer when the next renewal date comes up.

In the last 12 months, fewer than 1 in 5 policyholders have made a claim. The success rate for claims is relatively high - 68% of claims were completely successful and another 22% were partially successful, 90% in total.

Over half buy pet insurance direct from an insurer. Direct purchases increase significantly for 65s and over. Just under a third purchase via a price comparison site.

Key Topics Covered

1. EXECUTIVE SUMMARY

Summary
Over a quarter of adults have pet insurance
Price of policy is the main focus
Big brands increasing their share
Brand loyalty important especially for older adults
Likelihood of switching has slipped from previous surveys
Just under a third have made a claim in the last 5 years
Over half buy pet insurance direct from an insurer
Results for higher income households diverge from survey average
Healthy market growth

2. INTRODUCTION

Overview
Methodology

3. PET INSURANCE - BACKGROUND

Over a quarter of adults have pet insurance
Lifetime policies take the largest share
Like most other consumer insurance markets, policyholders focus first on price
Brand loyalty important for older adults

4. INSURANCE CLAIMS

Clear majority have not made a claim in the last few years

5. RENEWALS, SWITCHING AND NEW POLICIES

Majority have stayed with their existing insurance provider
Limited switching likely in the next year
Purchasing direct is still the option used by a majority

6. PET INSURANCE MARKET TRENDS

Over 17 million households own a pet
Healthy market growth in 2022
Many insurance providers but three large players lead the market
Increased pet ownership and veterinary costs boosting pet insurance sales

For more information about this report visit https://www.researchandmarkets.com/r/fomtak-pet-insurance?w=5

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