Boston, MA -- (SBWIRE) -- 10/31/2013 -- Gross written premiums in the pet insurance category grew by 35.5% in absolute terms during the review period (2008-2012), making it the fastest-growing category of insurance sales. The category's expansion was promoted by rising veterinary fees and advances in veterinary treatment. Despite the recessionary environment and the squeeze on household incomes, demand for pet insurance remained strong during the review period. Lifestyle changes and an increase in the number of smaller households have made it more difficult to own a pet, but almost half of all UK households owned at least one pet in 2012. Household expenditure on veterinary care rose by 22.2% during the review period. Despite fast growth, pet insurance market penetration remained low, with approximately 46% of dogs and 66% of cats left uninsured in 2012, resulting in huge potential for new product providers.

Key Highlights

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- The popularity of pet insurance has surged as veterinary costs have risen
- Premium growth in the category is expected to continue
- Claims ratios within the industry have remained high
- The direct distribution and affinity partnerships channels dominate pet insurance sales
- The category is forecast to grow at a CAGR of 11.3% through to 2017

Scope

- This report provides a comprehensive analysis of the pet insurance industry in the UK
- It provides historical values for the UK's pet insurance industry for the report's 2008-2012 review period and forecast figures for the 2013-2017 forecast period
- It provides an overview of claims, market dynamics and market drivers
- It analyses the key features of pet insurance products
- It discusses the various distribution channels for pet insurance products in the UK
- It profiles the top pet insurance providers in the UK and outlines the key challenges faced by the market

Reasons to Get This Report

- Gain an understanding of UK pet insurance market size
- Learn about the performance of claims, market drivers and distribution channels
- Understand the competitive landscape in terms of key underwriters and brands
- Explore the key features of pet insurance products
- Find out more about key deals and recent developments in the market

Companies Mentioned in this Report: Agria International Forsakring AB, Allianz Insurance Plc, Axa Insurance UK Plc, Direct Line Insurance Group Plc, Pinnacle Insurance Plc, QBE Insurance (Europe) Ltd, Red Sands Insurance Company (Europe) Ltd, Royal & Sun Alliance Insurance Group Plc, Ultimate Insurance Company Ltd, Zenith Insurance Plc

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