United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities

United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities
Summary

This report provides comprehensive analysis of the UK pet insurance market. It explores drivers of uptake and the claims landscape, as well as looking at the broader pet market and upcoming regulatory changes. Incumbent competitors are analyzed and compared, alongside relevant newcomers and insurtechs. In addition, the report examines future impactors in the market, including inflation and emerging technologies such as artificial intelligence.

In 2022, the pet insurance market saw gross written premiums (GWP) rise by 12.8%, amounting to a market worth GBP1.58 billion. Additionally, there was an 11.1% increase in policyholders compared to 2021. Notably, only 24.2% of dogs and 11.9% of cats were insured in 2022, indicating substantial growth potential for the market in the coming years. Our forecasts indicate that GWP will rise each year from 2022 to 2027, with a compound annual growth rate (CAGR) of 4.8% over this period. By 2027, GWP is projected to reach GBP1.99 billion, primarily driven by rising premiums, which are unavoidable due to the increasing cost of veterinary care.

ScopeThe dog insurance market accounted for the largest number of policyholders in the total market (69.2%) in 2022. As a result, dog insurance also accounted for the lion’s share of GWP (78.5%) and number of claims (77.7%).Cat insurance accounted for 18.5% of GWP and 27.9% of policyholders in 2022, while other pets accounted for 3% of GWP and 2.9% of policyholders.Average premiums for dogs and cats rose marginally, while average premiums for other pets fell by 19.8% from 2021 to 2022.The total number of reported claims increased by 28.4% in 2022, reaching a record high in the process.Reasons to BuyUnderstand the current and future size of the UK pet insurance market.Discover the impact of the cost-of-living crisis and how it has influenced trends in the market.Identify the top players, their products, and their strategies.Learn how the UK pet insurance market will evolve out to 2027.