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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1. Executive Summary
1.1 Executive Summary: UK Pet Insurance Market, 2017-2027F
2. Country Overview of UK
2.1 Country Demographics, 2022P
2.2 UK Economic Analysis, 2022P
3. UK Pet Insurance Market Overview
3.1 Business Cycle and Genesis of UK Pet Insurance Market
3.2 Timeline of Major Pet Insurance Companies in UK
3.3 Ecosystem of UK Pet Insurance Market
3.4 General Business Model of UK Pet Insurance
3.5 End-to-end process of UK Pet Insurance
3.6 Pet Insurance Coverage
4. Market Size of UK Pet Insurance Market
4.1 UK Pet Insurance Market Size, 2017-2022P
5. Market Segmentation of UK Pet Insurance Market
5.1 Market Segmentation based on Product type, 2022P
5.2 Market Segmentation based on type of Insurance, 2022P
5.3 Market Segmentation based on the Mode of distribution and Age of animals, 2022P
5.4 Market Segmentation based on the Types of animals and Number of animals, 2022P
6. Industry Analysis of UK Pet Insurance Market
6.1 SWOT Analysis of UK Pet Insurance Market
6.2 Porter’s Five Forces Analysis
6.3 Growth Drivers of UK Pet Insurance Market
6.4 Challenges in the UK Pet Insurance Market
6.5 Trends and Developments in UK Pet Insurance Market
6.6 Impact of Covid in UK Pet Insurance Market
7. End User Analysis
7.1 End users Pain points of UK pet insurance market
8. Competition Framework of UK Pet Insurance Market
8.1 Competitive Landscape of UK Pet Insurance Market
8.2 Cross Comparison of Major Players in UK Pet Insurance Market (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)
9. Future Outlook of UK Pet Insurance Market
9.1 UK Pet Insurance Market Size, 2023F-2027F
9.2 Future Market Segmentation by Product Type, 2027F
9.3 Future Market Segmentation by Insurance Type, 2027F
9.4 Future Market Segmentation by mode of distribution, 2027F
9.5 Future Market Segmentation by age of animals insured, 2027F
9.6 Future Market Segmentation by Type of animals and number of animals, 2027F
10. Analyst Recommendation
10.1 Analyst Recommendation
11. Industry Speak
11.1 Interview: Mr. Kiz Moncrieff, Pet Claims Assessor at Covéa Insurance
12. Research Methodology
12.1 Market Definitions
12.2 Market Definitions and Abbreviations
12.3 Consolidated Research Approach and Primary Research Sample Size Inclusion
12.4 Market Sizing Approach
12.5 Correlation Matrix for UK Pet Insurance Market
12.6 Coefficient Correlations for UK Pet Insurance Market
12.7 Research Limitations
12.8 Future Conclusion
13. Disclaimer

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