UK Pet Insurance: Competitor Dynamics

News provided by

Aug 21, 2013, 12:35 ET

NEW YORK, Aug. 21, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:

UK Pet Insurance: Competitor Dynamics
http://www.reportlinker.com/p01160206/UK-Pet-Insurance-Competitor-Dynamics.html#utm_source=prnewswire&utm_medium=pr&utm_campaign=Insurance

The UK pet insurance market was relatively consolidated in 2011–12, both in terms of underwriters and consumer-facing brands. Due to stagnant subscriber growth, insurers are targeting the same customers, and movement in the market is coming from churn. The pet insurance market has reached a point where it needs to increase product penetration in order to grow.

Scope
- Gage the performance of the top pet insurance underwriters in terms of their GWP.
- Ensure your strategy differentiates your business from your competitors in this market.
- Gain insight into the major developments that will influence competitors active in this space in 2013 and beyond.
Highlights
RSA increased its gross written premiums by 150% in 2011 following its partnership deal with Tesco Bank, which lifted it to second place.

Direct Line Group was the biggest loser of 2011-12, with its market share dropping from 31.8% in 2010 to 17.0% in 2011. There was a further decline to 11.1% in 2012, after Direct Line Group was replaced as Tesco Bank's pet insurance underwriter.

Insurers are expected to focus on keeping loss ratios in check in 2013, as books of business across the industry mature and pressure by claims inflation persists.

Reasons to purchase this report
- Which companies were the top players in the pet insurance market in 2012?
- Who were the movers and shakers increasing market share during this period?
- What will be the developments shaping the competitive landscape in 2013 and beyond?

EXECUTIVE SUMMARY

•Competitive landscape
•Key issues shaping competition

Competitor Dynamics

•Introduction
•RSA jumped to second place after replacing DLG as the underwriter for Tesco Bank- Allianz achieved market share growth in 2012 after five years of gradual decline
- RSA increased its GWP by almost 190% over the two years following its partnership deal with Tesco Bank
- DLG's premium income has been plummeting since the loss of the Tesco account
- AXA shrank GWP by 10.0% in 2012, after losing four partnerships
- LV= grew its pet insurance book by 45.9% in 2012, but its market share still remains low
- Market entrance by Munich Re fills gap left by exits
- QBE seems to be the next insurer to exit the pet market

•Loss ratios will be the focus in 2013 as insurers strive to remain profitable- Pet insurance is a consolidated market, both in terms of insurers and brands
- Tesco Bank is the kingmaker of the pet insurance market
- No new providers are expected to enter the pet insurance market in 2013
- Insurers will focus on loss ratios in 2013, and avoid any major price competition
- Gibraltar-based underwriters are on the rise in the pet insurance market

•Conclusion

APPENDIX

•Abbreviations and acronyms
•Definitions- Premium income measures
- Distribution definitions
- Other

•Methodology- Primary and secondary research
- Gross written premium and combined operating ratio estimates and forecast methodology
- Advertising and marketing spend data

•Bibliography
•Further reading

LIST OF TABLES

•Table: Top 10 UK pet insurers by GWP (£000s), 2009–12
•Table: Top 10 UK pet insurers by market share (%), 2009–12
•Table: Allianz brands' and affinity partners' brand shares, 2012
•Table: RSA brands' and affinity partners' brand shares, 2012
•Table: DLG brands' and affinity partners' brand shares, 2012
•Table: AXA brands' and affinity partners' brand shares, 2012

LIST OF FIGURES

•Figure: RSA was the market's biggest mover in 2011 and 2012 due to its partnership deal with Tesco

Companies Mentioned

Allianz Group, AXA, Bunzl plc, Hutchison 3G UK Limited, Informa plc, J Sainsbury plc, LVMH Moet Hennessy Louis Vuitton SA, Marks and Spencer Group plc, Munich Re, Parcelforce Worldwide, Royal Bank of Scotland Group PLC, RSA Insurance Group plc, Schindler Holding Ltd., Sudzucker AG