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2014

Pet Insurance in the UK, Key Trends and Opportunities to 2017

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LONDON, Jan. 27, 2014 /PRNewswire/ -- Reportbuyer.com just published a new market research report:

Pet Insurance in the UK, Key Trends and Opportunities to 2017

Synopsis

• The report provides market analysis, information and insights into the UK pet insurance industry
• The report provides a snapshot of market size and market dynamics
• It provides a comprehensive analysis of claims, market drivers and market outlook
• An analysis of distribution channels for pet insurance products in the UK is also included
• The report has coverage of deals, news and regulatory developments within the industry
• The report contains a detailed analysis of the competitive landscape and key product features

Summary

Gross written premiums in the pet insurance category grew by 35.5% in absolute terms during the review period (2008–2012), making it the fastest-growing category of insurance sales. The category's expansion was promoted by rising veterinary fees and advances in veterinary treatment. Despite the recessionary environment and the squeeze on household incomes, demand for pet insurance remained strong during the review period. Lifestyle changes and an increase in the number of smaller households have made it more difficult to own a pet, but almost half of all UK households owned at least one pet in 2012. Household expenditure on veterinary care rose by 22.2% during the review period. Despite fast growth, pet insurance market penetration remained low, with approximately 46% of dogs and 66% of cats left uninsured in 2012, resulting in huge potential for new product providers.

Scope

• This report provides a comprehensive analysis of the pet insurance industry in the UK
• It provides historical values for the UK's pet insurance industry for the report's 2008–2012 review period and forecast figures for the 2013–2017 forecast period
• It provides an overview of claims, market dynamics and market drivers
• It analyses the key features of pet insurance products
• It discusses the various distribution channels for pet insurance products in the UK
• It profiles the top pet insurance providers in the UK and outlines the key challenges faced by the market

Reasons To Buy

• Gain an understanding of UK pet insurance market size
• Learn about the performance of claims, market drivers and distribution channels
• Understand the competitive landscape in terms of key underwriters and brands
• Explore the key features of pet insurance products
• Find out more about key deals and recent developments in the market

Key Highlights

• The popularity of pet insurance has surged as veterinary costs have risen
• Premium growth in the category is expected to continue
• Claims ratios within the industry have remained high
• The direct distribution and affinity partnerships channels dominate pet insurance sales
• The category is forecast to grow at a CAGR of 11.3% through to 2017
Table of Contents
1 Executive Summary
2 Introduction

2.1 What is this Report About?
2.2 Definitions
2.3 Methodology
3 Market Analysis
3.1 Market Size
3.2 Pet Insurance Penetration
3.3 Pet Ownership Trends
3.4 Claims
3.4.1 Fraudulent claims
3.5 Market Drivers
3.6 Market Outlook
3.7 Distribution Channels
4 Competitive Landscape
4.1 Best Performers of 2012
4.2 Types of Pet Insurance Policies
4.3 Pet Insurance – SWOT Analysis
5 Porter's Five Forces Analysis
5.1 Bargaining Power of Suppliers: Low
5.2 Bargaining Power of Buyers: Medium to High
5.3 Barriers to Entry: Low

5.4 Intensity of Rivalry: Medium to High
5.5 Threat of Substitutes: Low
6 Deals and News
6.1 Aviva Now Underwrites Pet Insurance Policies Itself
6.2 RSA Renews Pet Insurance Partnership with Tesco Bank
6.3 L&G Extends its Range of Personal insurance Cover with Launch of Pet Insurance
6.4 Capita Insurance Distribution Selects Zenith Insurance to Underwrite Pet Policies
6.5 Sainsbury's Bank Partners with Allianz Insurance for Pet Insurance
6.6 M&S Reappoints RSA for Pet Insurance
6.7 Axa Pulls Out of Pet Insurance Market
7 Regulation and Compliance
7.1 Regulatory Changes
7.1.1 The Animal Welfare Act
7.1.2 Consumer Insurance Act
7.1.3 Solvency II
8 Economic Backdrop
8.1 Real GDP Growth
8.2 UK Household Expenditure on Pets
8.3 Unemployment Rate

8.4 UK Veterinary Industry, Average Pay Per Hour
8.5 UK Pet Population
8.6 GDP and Household Income Per Capita
9 Company Profiles
9.1 Agria International Forsakring AB – Company Overview
9.1.1 Agria International Forsakring AB – key facts
9.1.2 Agria International Forsakring AB – main products
9.1.3 Agria International Forsakring AB – main competitors
9.1.4 Agria International Forsakring AB – key employees
9.2 Allianz Insurance Plc – Company Overview
9.2.1 Allianz Insurance Plc – key facts
9.2.2 Allianz Insurance Plc – main products
9.2.3 Allianz Insurance Plc – main competitors
9.2.4 Allianz Insurance Plc – key employees
9.3 Axa Insurance UK Plc – Company Overview
9.3.1 Axa Insurance UK Plc – key facts
9.3.2 Axa Insurance UK Plc – main products
9.3.3 Axa Insurance UK Plc – main competitors
9.3.4 Axa Insurance UK Plc – key employees
9.4 Direct Line Insurance Group Plc – Company Overview

9.4.1 Direct Line Insurance Group Plc – key facts
9.4.2 Direct Line Insurance Group Plc – main products
9.4.3 Direct Line Insurance Group Plc – main competitors
9.4.4 Direct Line Insurance Group plc – key employees
9.5 Pinnacle Insurance Plc – Company Overview
9.5.1 Pinnacle Insurance Plc – key facts
9.5.2 Pinnacle Insurance Plc – main products
9.5.3 Pinnacle Insurance Plc – main competitors
9.5.4 Pinnacle Insurance Plc – key employees
9.6 QBE Insurance (Europe) Ltd – Company Overview
9.6.1 QBE Insurance (Europe) Ltd – key facts
9.6.2 QBE Insurance (Europe) Ltd – main products
9.6.3 QBE Insurance (Europe) Ltd – main competitors
9.6.4 QBE Insurance (Europe) Ltd – key employees
9.7 Red Sands Insurance Company (Europe) Ltd – Company Overview
9.7.1 Red Sands Insurance Company (Europe) Ltd – key facts
9.7.2 Red Sands Insurance Company (Europe) Ltd – main products
9.7.3 Red Sands Insurance Company (Europe) Ltd – main competitors
9.7.4 Red Sands Insurance Company (Europe) Ltd – key employees

9.8 Royal & Sun Alliance Insurance Group Plc – Company Overview
9.8.1 Royal & Sun Alliance Insurance Group Plc – key facts
9.8.2 Royal & Sun Alliance Insurance Group Plc – main products
9.8.3 Royal & Sun Alliance Insurance Group Plc – main competitors
9.8.4 Royal & Sun Alliance Insurance Group Plc – key employees
9.9 Ultimate Insurance Company Ltd – Company Overview
9.9.1 Ultimate Insurance Company Ltd – key facts
9.9.2 Ultimate Insurance Company Ltd – main products
9.9.3 Ultimate Insurance Company Ltd – main competitors
9.9.4 Ultimate Insurance Company Ltd – key employees
9.10 Zenith Insurance Plc – Company Overview
9.10.1 Zenith Insurance Plc – key facts
9.10.2 Zenith Insurance Plc – main products
9.10.3 Zenith Insurance Plc – main competitors
9.10.4 Zenith Insurance Plc – key employees
10 Statistics
10.1 Review Period
10.2 Forecast Period
11 Appendix
11.1 Methodology

11.2 Contact Timetric
11.3 About Timetric
11.4 Timetric's Services
11.5 Disclaimer



List of Tables

Table 1: Insurance Industry Definitions
Table 2: Preventive Care Measures for Pets and Number of Pets Insured, 2011–2012
Table 3: Regional Pet Ownership (% of Households Owning a Pet), 2012
Table 4: Allianz Insurance Plc – Number of Claims Closed in the Pet Insurance Category and Claims Ratio (%), 2008–2012
Table 5: Number of Convictions Under the Animal Welfare Act 2006, 2010–2012
Table 6: Pet Insurance Policy Summary, by Provider
Table 7: Pet Insurance – SWOT Analysis
Table 8: Recent and Upcoming Regulatory Changes
Table 9: Agria International Forsakring AB, Key Facts
Table 10: Agria International Forsakring AB, Main Products

Table 11: Agria International Forsakringsaktiebolag AB, Key Employees
Table 12: Allianz Insurance Plc, Key Facts
Table 13: Allianz Insurance Plc, Main Products
Table 14: Allianz Insurance Plc, Key Employees
Table 15: Axa Insurance UK Plc, Key Facts
Table 16: Axa Insurance UK Plc, Main Products
Table 17: Axa Insurance UK Plc, Key Employees
Table 18: Direct Line Insurance Group Plc, Key Facts
Table 19: Direct Line Insurance Group Plc, Main Products
Table 20: Direct Line Insurance Group Plc, Key Employees
Table 21: Pinnacle Insurance Plc, Key Facts
Table 22: Pinnacle Insurance Plc, Main Products
Table 23: Pinnacle Insurance Plc, Key Employees
Table 24: QBE Insurance (Europe) Ltd, Key Facts
Table 25: QBE Insurance (Europe) Ltd, Main Products
Table 26: QBE Insurance (Europe) Ltd, Key Employees

Table 27: Red Sands Insurance Company (Europe) Ltd, Key Facts
Table 28: Red Sands Insurance Company (Europe) Ltd, Main Products
Table 29: Red Sands Insurance Company (Europe) Ltd, Key Employees
Table 30: Royal & Sun Alliance Insurance Group Plc, Key Facts
Table 31: Royal & Sun Alliance Insurance Group Plc, Main Products
Table 32: Royal & Sun Alliance Insurance Group Plc, Key Employees
Table 33: Ultimate Insurance Company Ltd, Key Facts
Table 34: Ultimate Insurance Company Ltd, Main Products
Table 35: Ultimate Insurance Company Ltd, Key Employees
Table 36: Zenith Insurance Plc, Key Facts
Table 37: Zenith Insurance Plc, Main Products
Table 38: Zenith Insurance Plc, Key Employees
Table 39: UK Pet Insurance – Gross Written Premiums (GBP Thousand), 2008–2012
Table 40: UK Pet Insurance – Gross Written Premiums (GBP Thousand), 2013–2017

List of Figures

Figure 1: UK Pet Insurance – Total Gross Written Premiums (GBP Million), 2008–2012
Figure 2: Percentage of Households Owning Pets (%), 2011–2012
Figure 3: Number of Households by Type of Household (Thousand), 1998-2011
Figure 4: Number of Stray Dogs in the UK, 1997–2012
Figure 5: Dog Bite Admissions to Hospital, 1989–2012
Figure 6: Number of Defendants Convicted for Animal Cruelty and Neglect (Juvenile Offenders), 2006–2012
Figure 7: Gross Written Premiums for UK Pet Insurance (GBP Million), 2013–2017
Figure 8: Market Shares of the Top Five FSA Regulated Pet Insurers, 2008–2012
Figure 9: UK Pet Insurance – Five Forces Analysis
Figure 10: The UK's Insurance Regulatory Framework
Figure 11: Real GDP Growth (%), 2008–2017
Figure 12: Household Expenditure on Veterinary and Other Services for Pets (GBP Million), 1997–2012
Figure 13: UK Unemployment Rate (%), August to October 1995 – April to June 2013
Figure 14: UK Veterinarians – Average Pay Per Hour (GBP), 2005–2012
Figure 15: UK Dog and Cat Population (Million), 1995–2012
Figure 16: Improving Living Standards in the UK (GBP Thousand), 1997–2011

Companies Mentioned

Agria International Forsakring AB
Allianz Insurance Plc
Axa Insurance UK Plc
Direct Line Insurance Group Plc
Pinnacle Insurance Plc
QBE Insurance (Europe) Ltd
Red Sands Insurance Company (Europe) Ltd
Royal & Sun Alliance Insurance Group Plc
Ultimate Insurance Company Ltd
Zenith Insurance Plc

Read the full report:
Pet Insurance in the UK, Key Trends and Opportunities to 2017
http://www.reportbuyer.com/banking_finance/insurance/pet_insurance_uk_key_trends_opportunities_2017.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Insurance

For more information:
Sarah Smith
Research Advisor at Reportbuyer.com   
Email: query@reportbuyer.com  
Tel: +44 208 816 85 48
Website: www.reportbuyer.com

SOURCE ReportBuyer



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