2013-09-08 08:51:41 - Fast Market Research recommends "UK Pet Insurance: Competitor Dynamics" from Datamonitor, now available
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 of this Report
* 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.
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.
Full Report Details at
- www.fastmr.com/prod/671079_uk_pet_insurance_competitor_dynamics. ..
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 Get 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?
Report Table of Contents:
* Competitive landscape
* Key issues shaping competition
* 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
* Abbreviations and acronyms
* Premium income measures
* Distribution definitions
* Primary and secondary research
* Gross written premium and combined operating ratio estimates and forecast methodology
* Advertising and marketing spend data
* Further reading
* Table: Top 10 UK pet insurers by GWP (GBP000s), 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
* Figure: RSA was the market's biggest mover in 2011 and 2012 due to its partnership deal with Tesco
The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at www.fastmr.com/catalog/publishers.aspx?pubid=1002
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