UK Pet Insurance Market Outlook to 2027F

Driven by Rising Companion Animal, High veterinary costs and Technology advancement

Region:Europe

Author(s):Shruti Jaiswal, Savi Ramuka

Product Code:KR1287

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Published on

December 2022

Total pages

75

About the Report

About the Report

The report provides a comprehensive analysis of the potential of pet insurance industry in UK. The report covers an overview and genesis of the industry, market size in terms premium collected. Its market segmentations includes: by product type, by insurance type, by mode of distribution, by age of animal, by type of animal, by number of animal; growth enablers and drivers; challenges and bottlenecks; trends and developments; regulatory framework; Porter’s five forces, industry analysis, competitive landscape including competition scenario (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives) and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.




Market Overview:

According to Ken Research estimates, the UK Pet insurance market expanded at a CAGR of ~5.3% between 2017 – 2022P on the basis of premium collected. The market saw rapid growth owning to increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. UK Pet insurance market is estimated to grow at a positive CAGR of ~4.8% between 2022P and 2027F.

  • In Europe, the UK exhibit highest pet insurance penetration. Key drivers in the region are high cost of veterinary services and willingness of pet owners to buy pet insurance.
  • Pet insurance companies using artificial intelligence and machine learning to predict a pet’s health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs.


Key Trends by Market Segments:

By Mode of Distribution: The direct sales segment dominated the market and held the largest market share in 2022P. The ease of obtaining insurance is the major driver of this segment. The COVID-19 pandemic boosted the adoption of digital channels. Furthermore, Banks, brokers, affinities, and insurers have also improved their online platforms to make them more accessible. This includes providing services such as chatbots to offer consumers assistance with queries ahead of purchases.

By Number of Animals:  There was a surge in the demand for pets during COVID-19 Pandemic lockdown. Although UK is a Dog-people country but London is the only British capital city in favor of cats. Furthermore, Insurance for Rabbits is generally hard to find. They are mostly covered in exotic pet packages.

Competitive Landscape

UK Pet Insurance Market is a moderately fragmented market. The pet insurance market is currently witnessing new entrants, that are offering innovative and affordable product. However, the key players in this space are likely to maintain their position in the coming years. For instance, the pet insurance market is largely dominated by a few companies like Many Pets and Petplan, which control a large part of the market, yet in recent years more companies have been coping up and growing themselves such as Petsure, RSPCA, and Napo insurance.

Future Outlook

The Pet Insurance market in UK is anticipated to grow with the increasing companion animal population and growing animal health related issues over the forecasted period 2022P – 2027F. The UK Pet Insurance market revenue is further anticipated to increase to USD ~ Bn by 2027F with a CAGR of 4.8%. It is expected that, as sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy becomes more widespread and with the increase in the premium for pet insurance, the UK pet insurance market is likely to grow in future.

Scope Of The Report

Scope of the Report

By Product Type

  • Life Insurance
  • Non-Life Insurance

 

By Insurance Type

  • Cover for Life
  • Maximum Benefit
  • Accident Only (12 month)

 

By Mode of Distribution

  • Direct (Online)
  • Other (Broker, Agency, Advertisements etc)

By Age of Animals

  • Below 6
  • 6 and above

By Type of Animal

  • Dog
  • Cat
  • Others (Rabbit, Horses, Reptile, Birds)

By Number of Animals

  • Dog
  • Cat
  • Others (Rabbit and other Exotic pets.)
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Products

Products

Key Target Audience – Organizations and Entities Who Can Benefit by Subscribing This Report

  • Private Insurance Providers
  • Public Insurance Providers
  • Insurance Agency
  • Bancassurance
  • Brokers
  • Direct Sales
  • Related Government Agencies
  • New Entrants


Time Period Captured in the Report

  • Historical Period: 2017-2022P
  • Base Year: 2022P
  • Forecast Period: 2022P – 2027F


Companies

Major Players Mentioned in the Report

  • Petplan
  • Direct line
  • More than
  • Agria
  • Many Pets

Table of Contents

Table of Contents

1. Executive Summary

Executive Summary: UK Pet Insurance Market, 2017-2027F

2. Country Overview of UK

Country Demographics, 2022P

UK Economic Analysis, 2022P

3. UK Pet Insurance Market Overview

Business Cycle and Genesis of UK Pet Insurance Market

Timeline of Major Pet Insurance Companies in UK

Ecosystem of UK Pet Insurance Market

General Business Model of UK Pet Insurance

End-to-end process of UK Pet Insurance

Pet Insurance Coverage

4. Market Size of UK Pet Insurance Market

UK Pet Insurance Market Size, 2017-2022P

5. Market Segmentation of UK Pet Insurance Market

Market Segmentation based on Product type, 2022P

Market Segmentation based on type of Insurance, 2022P

Market Segmentation based on the Mode of distribution and Age of animals, 2022P

Market Segmentation based on the Types of animals and Number of animals, 2022P

6. Industry Analysis of UK Pet Insurance Market

SWOT Analysis of UK Pet Insurance Market

Porter’s Five Forces Analysis

Growth Drivers of UK Pet Insurance Market

Challenges in the UK Pet Insurance Market

Trends and Developments in UK Pet Insurance Market

Impact of Covid in UK Pet Insurance Market

7. End User Analysis

End users Pain points of UK pet insurance market

8. Competition Framework of UK Pet Insurance Market

Competitive Landscape of UK Pet Insurance Market

Cross Comparison of Major Players in UK Pet Insurance Market (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives)

9. Future Outlook of UK Pet Insurance Market

UK Pet Insurance Market Size, 2023F-2027F

Future Market Segmentation by Product Type, 2027F

Future Market Segmentation by Insurance Type, 2027F

Future Market Segmentation by mode of distribution, 2027F

Future Market Segmentation by age of animals insured, 2027F

Future Market Segmentation by Type of animals and number of animals, 2027F

10. Analyst Recommendation

Analyst Recommendation

11. Industry Speak

Interview: Mr. Kiz Moncrieff, Pet Claims Assessor at Covéa Insurance

12. Research Methodology

Market Definitions

Market Definitions and Abbreviations

Consolidated Research Approach and Primary Research Sample Size Inclusion

Market Sizing Approach

Correlation Matrix for UK Pet Insurance Market

Coefficient Correlations for UK Pet Insurance Market

Research Limitations

Future Conclusion

Disclaimer

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Research Methodology

Research Methodology

Step 1: Identifying Key Variables: Ecosystem creation for all the major entities and referring to multiple secondary and proprietary databases to perform desk research around the market to collate industry-level information.

Step 2: Market building: The research team has first framed a hypothesis about the market through identification of distributors of insurance, majorly websites of different insurance companies and government regulated websites to find insurance premiums charged by the companies.

Step 3: Validating and Finalizing: Computer assisted telephonic interview CATIs with the management to understand their business model, technological capabilities, operational and Financial Key Performance Indicators including Revenue, segment wise performance, USPs, challenges and future strategies.

Step 4: Research Methodology: To validate the data points gathered from the interviews, our team then did mystery calling to the construction chemicals companies. The team also ascertain the share of different animals insured and yearly number of policies sold for different animals, to get average GWP collected per policy. “Bottom-to-Top” in order to evaluate the industry revenue and premium collection.

Frequently Asked Questions

Frequently Asked Questions

What is the Study Period of this Market Report?

The UK Pet Insurance market is covered from 2017–2027F in this report, including a forecast for 2022P-2027F.

What is the Future Growth Rate of the UK Pet Insurance Market?

The UK Pet Insurance market is expected to witness a CAGR of ~4.8% over the next five years.

What are the Key Factors Driving the UK Pet Insurance Market?

The increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic are the key factors driving the UK Pet Insurance market.

Which is the largest mode of distribution for the UK Pet Insurance Market?

Direct (Online) is the largest mode of distribution for UK Pet Insurance market in 2022P.

Who are the Key Players in the UK Pet Insurance Market in 2022P?

Petplan, Many Pets, Direct Line are the major player in UK Pet Insurance market in 2022P.

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