UK Pet Insurance market report
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Providing the most comprehensive and up-to-date information and analysis of the Pet Insurance market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Products covered in this report
Pet insurance is designed to cover medical expenses if the insured pet becomes ill or is injured in an accident. Policies will not normally cover routine visits to the vet or events that could have been anticipated, such as routine vaccinations and neutering. Most products cater for cats and dogs, although there are policies available for rabbits, horses/ponies, and more exotic pets.
Policies fall into three main categories:
High-level/lifetime policies – provide the most comprehensive cover, paying out a set amount for veterinary treatment (which may be a total amount per year or a set amount per condition), which renews each year in line with the renewal of the policy. They cover ongoing and recurring illnesses for the lifetime of the pet, providing the policy remains active (i.e. the premiums keep being paid). As a result, lifetime policies are often the most expensive option. Moreover, premiums rise with the age of the pet, and as a result of any claims made.
Mid-level/‘per condition no time limit’ policies – provide cover for conditions up to a set amount but there is no time limit placed on how long the policyholder can claim for. Once the amount has been reached, the condition is then excluded from any future payouts.
Basic-level/time-limited policies – provide cover up to a maximum amount per condition for a limited period of time (usually 12 months). After this time, the condition is excluded, even if the policy is renewed. Any further treatment required after the 12-month period would need to be self-funded. These policies tend to be the cheapest, but offer the lowest level of cover of the three main types.
In addition, there are low-cost accident-only pet policies, which only provide cover for accidents and exclude cover for illnesses.
Expert analysis from a specialist in the field
Written by Richard Shepherd, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The fall in subscriber growth in 2016 shows there are challenges to overcome in pet insurance. However, most pet owners don’t have insurance, so there are plenty of opportunities to expand the market. As long as premiums can be kept at a reasonable level, and the benefits of policies are effectively marketed, pet owners’ fondness for their animals will mean pet insurance continues to grow into the future.
Senior Financial Services Analyst
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