UK Pet Insurance Market Report 2023
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Stay ahead of the curve and future-proof your business with Mintel’s Pet Insurance Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest pet insurance industry trends and consumer behaviours affecting your business. Get a 360° view of the UK pet insurance market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.
Despite household finances being put under severe pressure over the last 18 months, consumers aren’t willing to jeopardise their pets’ health. This commitment to pets’ wellbeing has made pet insurance fairly well insulated from the cost of living crisis. However, over a third of policyholders are thinking about searching for a cheaper policy. Brands need to be alert to this increased price-sensitivity.
Demand for better value
For non-policyholders, the cost of the largest barrier to the adoption of pet insurance. One-fifth of pet owners state that they don’t think that pet insurance offers value for money. The pet insurance industry needs to challenge these perceptions, highlighting how pet owners, actually, can’t afford not to have cover, given the high cost of vet treatments.
Pets seen as equals
Wider changes in social trends and the changing role of pets offers greater opportunities for insurers. Pets are increasingly seen as essential – sometimes even equal – members of the family. With the average age of first-time parenthood rising, there is a growing trend of Millennials owning pets that occupy the role of children. With these changes in mind, pet owners are more eager to spend on their pets’ wellbeing, including on insurance policies to help keep them healthy.
To learn how to connect with your audience, purchase our full UK Pet Insurance Market Report 2023. Discover lucrative innovation opportunities to help your business grow during times of financial uncertainty.
Allianz, RSA, Red Sands, Many Pets, Pinnacle Insurance, Direct Line.
This report, written by Charlie Landsborough, a leading finance analyst, delivers in-depth commentary and analysis to highlight trends in the pet insurance industry and add expert context to the numbers.
UK Pet insurance market is returning to a state of normality, after the recent pet boom. The cost of living crisis is affecting all households and we are seeing consumers adopting a more skeptical, cautious and informed approach to spending. However, whilst consumers are looking to lower their monthly costs, pet insurance is remaining resilient. In fact, across pet markets we are seeing that consumers are still prioritising their pets even during a cost of living crisis.”
Charlie Landsborough
Research Analyst
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