Abstract
Overview
Introduction
Strong growth in pet insurance premium income continued to characterize the
market in 2006. This report discusses the current consumer attitudes to pet
insurance as well as the trends in market distribution. It also provides
forecasts for GWP and profitability up to 2011 under two different scenarios,
making it essential reading for those with an interest in pet insurance.
Scope
- The latest data and market research, including information on market size,
shifts in pet ownership trends, and product penetration levels
- An understanding of the competitive environment, and of the impact that
new entrants and market consolidation is having on the pet insurance market
- Insight into changes in product distribution, tracking trends by platform
and channel
- Two scenarios forecasting the market' s GWP growth until 2011, based on
primary research and in-house expertise
Report Highlights
The market now has more tails under cover than ever before, with all insurance
providers contacted by Datamonitor for this report indicating that policy
numbers experienced significant growth in 2006. This was achieved through an
increase in product penetration rather than through growth in the pet
population.
Almost one in five pet insurance policyholders chose their provider based in
part on their veterinarian' s recommendation. This indicates that this channel
for distribution remains viable and by ceding it largely to Petplan, as many
insurers had, competitors have given the industry leader an advantage in the
distribution of the product.
Operating conditions in the pet insurance market in 2006 remained unchanged
with the three largest insurers controlling roughly three quarters of the
market. Despite numerous entrants to the market, even in the last year, the
market remains consolidated at the underwriting level, as few new insurers
have entered the market.
Reasons to Purchase
- Understand UK pet ownership trends and how canine and feline populations
are changing
- Benchmark your company against your competitors based on current and past
performances in the market.
- Develop your future business plans from an informed viewpoint with
Datamonitor' s GWP forecast
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