UK Pet Insurance market revenue is expected to grow with a CAGR of ∼ 4.8% between 2023F-2027F owing to adoption of advance technology, high veterinary cost and growing At-home diagnostic: Ken Research
GURUGRAM, India, Feb. 6, 2023 /PRNewswire/ -- UK Pet Insurance Market is a moderately fragmented market. The pet insurance market is currently witnessing new entrants that are offering innovative and affordable product. However, the key players in this space are likely to maintain their position in the coming years. For instance, the pet insurance market is largely dominated by a few companies like Many Pets and Petplan, which control a large part of the market, yet in recent years more companies have been coping up and growing themselves such as Petsure, RSPCA, and Napo insurance.
- In Europe, the UK exhibit highest pet insurance penetration. The major key drivers in the region are high cost of veterinary services and willingness of pet owners to buy pet insurance.
- Pet insurance companies are using artificial intelligence and machine learning to predict a pet's health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs.
- Pet insurance grew rapidly during COVID-19 because a lot of people were staying home and they need companions. So, people started keeping pets and taking pet insurance which fueled the growth in the UK pet insurance market.
High Veterinary Costs: With the prevalence of mental illnesses in humans such as clinical depression, anxiety-related issues, personality disorder, and psychotic disorder the demand for companion animal population is increasing. This increase in companion animal population is expected to lead to an increase in the demand for veterinary healthcare services as the veterinary costs are high due to requirement of veterinary doctors, skilled technicians, and specially designed diagnostic equipment.
So, these costs create a need for pet owners to seek options to reduce their out-of-pocket expenditure on veterinary care by taking insurance, thus fueling growth in UK pet insurance market.
Adoption of New Advance Technology: Embedding advance technologies like Artificial Intelligence (AI) within the underwriting process, as it can compare pet activity data with benchmarks of similar breeds and combines them with rating information from industry sources, such as Verisk, which enables them to accurately price an individual pet at the time of quoting. For claims settling, it can predict an accurate reserve based on the type of illness, or even predict a possible customer churn giving insurers the digital advantage to streamline operations, improve customer experience and reduce cost across both these business functions. It can also automate and improve claims processing and can enhances customer interactions and provides more personalized and accurate information. Furthermore, machine learning also allows software to study behavioral analytics and customer data to make more accurate decisions on whether a claim is genuine or not.
Growing At-home diagnostic: The Covid-19 pandemic has given a boost to the At-home diagnostic solutions, such as telehealth platforms and use of smart pet thermometers. For instance, Mella Pet Care's thermometer takes pets' body temperature and displays the result on pet parents' smart devices while allowing their vet instant access to that data online and prescribe the recommended medicine.
Analysts at Ken Research in their latest publication "UK Pet Insurance Market Outlook to 2027F - Driven by Rising Companion Animal, High veterinary costs and Technology advancement" by Ken Research observed that UK Pet Insurance market is in the growing phase, growing at CAGR of 5.3% between 2017-2022P owning to the increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. It is expected that UK Pet Insurance market will continue to grow, at a CAGR of 4.8% for the 2022P-2027F forecasted period.
Key Segments Covered:
UK Pet Insurance Market
By Product Type, 2022P & 2027F
- Life Insurance
- Non-Life Insurance
By Insurance Type, 2022P & 2027F
- Cover for Life
- Maximum Benefit
- Accident Only (12 months)
By Mode of Distribution, 2022P & 2027F
- Direct (Online)
- Others (Broker, Agency, Advertisements etc.)
By Age of Animals, 2022p & 2027F
- Below 6
- 6 and Above
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By Type of Animal (Premium collected), 2022P & 2027F
- Dog
- Cat
- Others (Rabbit, Horses, Reptile, Birds.)
By Number of Animals, 2022P & 2027F
- Dog
- Cat
- Others (Rabbit and other Exotic pets.)
Key Target Audience
- Private Insurance Providers
- Public Insurance Providers
- Insurance Agency
- Bancassurance
- Brokers
- Direct Sales
- Related Government Agencies
- New Entrants
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Time Period Captured in the Report:
- Historical Period: 2017-2022P
- Base Year: 2022P
- Forecast Period: 2022P – 2027F
Companies Covered:
- Petplan
- Direct line
- More than
- Agria
- Many Pets
Key Topics Covered in the Report:
- Country Overview of UK
- UK Pet Insurance Market Overview
- Business Cycle and Genesis of UK Pet Insurance Market
- Ecosystem of UK Pet Insurance Market
- End-to-end process of UK Pet Insurance
- UK Pet Insurance Market Size, 2017-2027F
- Market Segmentation of UK Pet Insurance Market
- Industry Analysis of UK Pet Insurance Market
- SWOT Analysis of UK Pet Insurance Market
- Porter's Five Forces Analysis
- Growth Drivers of UK Pet Insurance Market
- Challenges in the UK Pet Insurance Market
- Trends and Developments in UK Pet Insurance Market
- Impact of Covid in UK Pet Insurance Market
- End User Analysis
- Cross Comparison of Major Players in UK Pet Insurance Market (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives)
- Future Outlook of UK Pet Insurance Market
- Analyst Recommendation
For more insights on the market intelligence, refer to below link:
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