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United Kingdom pet insurance market: Written premiums grew 35% between 2008-12

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Pet Insurance in the UK, Key Trends and Opportunities to 2017 - a new market research report on companiesandmarkets.com

 

PR-Inside.com: 2014-03-31 03:10:03
Gross written premiums in the pet insurance category grew by 35.5% in absolute terms during the review period (2008–2012), making it the fastest-growing category of insurance sales.

The category´s expansion was promoted by rising veterinary fees and advances in veterinary treatment. Despite the recessionary environment and the squeeze on household incomes, demand for pet insurance remained strong during the review period. Lifestyle changes and an increase in the number of smaller households have made it more difficult to own a pet, but almost half of all UK households owned at least one pet in 2012.

Household expenditure on veterinary care rose by 22.2% during the review period. Despite fast growth, pet insurance market penetration remained low, with approximately 46% of dogs and 66% of cats left uninsured in 2012, resulting in huge potential for new product providers.

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