What you need to know
Following a period of expansion, the pet insurance market stalled in 2018. Gross written premiums increased by just 0.3% to stand at £1.2 billion, with the number of subscribers for dog, cat and other pet policies falling. Increased competition led to a slight decrease in the average premium in 2018, which contributed to the fall in premium income. However, the price of pet insurance has increased dramatically in previous years, with the average premium increasing by 19% between 2014 and 2017. This has led to some pet owners being priced out of the market.
Mintel expects the pet insurance market to grow over the next four to five years, and overcome the challenges faced in 2018. The pet population is growing, and pet owners are looking for new ways to protect and care for their pets. 24/7 telehealth consultations and devices which help pet owners track their pet’s health and wellbeing are becoming increasingly common, and are adding value to policies. Online claim solutions are also helping pet owners manage their policies better.
This Report looks at the size of the pet insurance market. It then examines the major brands and the various strategies and innovation which are driving change in the market. Mintel’s exclusive consumer research looks at pet ownership, and the penetration of pet insurance, as well as the level of cover that people own. The Report then explores the interest in basic accident and injury cover, before focussing on the various sources of information that people use when taking out a pet insurance policy. Finally, it focusses on the various incentives that can encourage people to take out a policy, as well as interest in various aspects of pet health plans.
Products covered in this Report
This Report focuses on the United Kingdom (UK) pet insurance market. Pet health plans are also mentioned (specifically in the consumer section Interest in Pet Health Plan Features), although these products are not covered as part of the Market Size, Market Segmentation or Market Share sections of the Report.
Pet insurance is designed to cover medical expenses if the insured pet becomes ill or is injured in an accident. Most products cater for cats and dogs, although there are policies available for horses and ponies, rabbits, fish and more exotic pets. For full definitions of the different levels of cover, see the Report Appendix.
