UK Pet Insurance Market Outlook to 2027F

UK Pet Insurance Market Outlook to 2027F

The report provides a comprehensive analysis of the potential of pet insurance industry in UK. The report covers an overview and genesis of the industry, market size in terms premium collected. Its market segmentations includes: by product type, by insurance type, by mode of distribution, by age of animal, by type of animal, by number of animal; growth enablers and drivers; challenges and bottlenecks; trends and developments; regulatory framework; Porter’s five forces, industry analysis, competitive landscape including competition scenario (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives) and market shares of major players. The report concludes with future market projections of each market segmentation and analyst recommendations.

Market Overview:

According to Ken Research estimates, the UK Pet insurance market expanded at a CAGR of ~5.3% between 2017 – 2022P on the basis of premium collected. The market saw rapid growth owning to increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. UK Pet insurance market is estimated to grow at a positive CAGR of ~4.8% between 2022P and 2027F.

In Europe, the UK exhibit highest pet insurance penetration. Key drivers in the region are high cost of veterinary services and willingness of pet owners to buy pet insurance.

Pet insurance companies using artificial intelligence and machine learning to predict a pet’s health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs.

Key Trends by Market Segments:

By Mode of Distribution: The direct sales segment dominated the market and held the largest market share in 2022P. The ease of obtaining insurance is the major driver of this segment. The COVID-19 pandemic boosted the adoption of digital channels. Furthermore, Banks, brokers, affinities, and insurers have also improved their online platforms to make them more accessible. This includes providing services such as chatbots to offer consumers assistance with queries ahead of purchases.

By Number of Animals: There was a surge in the demand for pets during COVID-19 Pandemic lockdown. Although UK is a Dog-people country but London is the only British capital city in favor of cats. Furthermore, Insurance for Rabbits is generally hard to find. They are mostly covered in exotic pet packages.

Competitive Landscape

UK Pet Insurance Market is a moderately fragmented market. The pet insurance market is currently witnessing new entrants, that are offering innovative and affordable product. However, the key players in this space are likely to maintain their position in the coming years. For instance, the pet insurance market is largely dominated by a few companies like Many Pets and Petplan, which control a large part of the market, yet in recent years more companies have been coping up and growing themselves such as Petsure, RSPCA, and Napo insurance.

Future Outlook

The Pet Insurance market in UK is anticipated to grow with the increasing companion animal population and growing animal health related issues over the forecasted period 2022P – 2027F. The UK Pet Insurance market revenue is further anticipated to increase to USD ~ Bn by 2027F with a CAGR of 4.8%. It is expected that, as sophisticated medical care for pets like heart surgery, joint replacement, and chemotherapy becomes more widespread and with the increase in the premium for pet insurance, the UK pet insurance market is likely to grow in future.

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