2014-03-14 00:59:01 - UK Pet Insurance: Market Dynamics and Opportunities - a new market research report on companiesandmarkets.com
Growth in the pet insurance market in 2011 and 2012 continued to be driven by rising claims costs, which were met by increases to premiums. Without significant improvement in the economic climate, policy numbers remain fairly static, adding to the squeeze on insurers´ books. This will continue to be the case until economic growth returns.
- Ensure your strategy is robust against the key issues facing the pet insurance market.
- Gage the market´s profitability, the factors that influenced its performance, and how insurers are adapting to this.
- Map your business plan against our forecasted GWP for the market.
- Analyze the impact new regulations will have on the market.
Pet insurance GWP grew by an estimated 9.4% in 2012, driven mostly
by claims inflation. Growth in policy numbers remains flat, as consumers continue to be restricted by harsh economic conditions.
Pet insurance market profitability improved as the gross loss ratio decreased by 2.3 percentage points to 70.2% in 2011. Pet insurance remains the most stable of the personal lines, as it is not vulnerable to large-scale event such as flooding.
Co-insurance clauses in policies are becoming more mainstream, as controlling claims inflation increases in importance for insurers.
Reasons to Buy
- How did the pet insurance market grow over the 2011-12 period, and how is it expected to fare in the years leading up to 2016?
- Was the pet insurance market profitable in the past two years, and what were the main factors affecting claims inflation?
- What are the key issues that will shape the market in 2013 and beyond?
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