Abstract
Pet insurance penetration levels among UK pet owners remain low but the potential market continues to expand as the number of pet owners continues to grow. In conjunction with the growth in pet ownership veterinary fees have risen sharply and continue to take a greater proportion of pet-related expenses. Despite these factors that should bode favourably for the uptake of pet insurance, a large majority of pet owners still fail to see the true value of providing cover for their beloved pets.
The greatest challenge for pet insurance providers therefore is to convince pet owners that taking out cover is worth their time and will actually save them money in the long term. According to the findings in this report pet insurance has not gained wide acceptance by the majority of pet owners because it is seen more as an added luxury with little immediate or tangible benefit. A significant factor behind this is that only a small proportion of pet owners are frequently incurring expensive vets' fees that would make pet cover much more appealing.
In this report Mintel investigates the past and potential future development of the UK pet insurance market. This includes an examination of internal and external market dynamics as well as exclusive trade and consumer research. Mintel also takes a look at the underwriters operating in the pet insurance business and how many providers have been promoting their products. Finally, detailed market size data are presented with growth projections until 2012.
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