|By PR Newswire||
|February 27, 2014 12:01 PM EST||
LONDON, Feb. 27, 2014 /PRNewswire/ -- Reportbuyer.com just published a new market research report:
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 Datamonitor's forecasted GWP for the market.
- Analyze the impact new regulations will have on the market.
Pet insurance gross written premiums (GWP) grew by 5.4% 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 to 69.9% in 2012. Pet insurance remains the most stable of the personal lines, as it is not vulnerable to large-scale events such as flooding.
Co-insurance clauses in policies are becoming more mainstream, as controlling claims inflation increases in importance for insurers.
Reasons to purchase this report
- How has the pet insurance market grown over the 2011-12 period, and how is it expected to fare in the years leading up to 2017?
- Has the pet insurance market been profitable over 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?
•Key issues shaping pet insurance
•Claims inflation was the key driver behind GWP growth in 2012- The pet insurance market expanded by 5.4% in 2012
- The UK cat and dog population saw modest growth in 2012
- Changes in lifestyles are increasing the preference for cats
- Market penetration needs to increase for pet insurance to be sustainable
- Product penetration for cats remains low
•Profitability continued to improve in 2012, achieving a gross loss ratio of 69.9%- The market's gross loss ratio continued its improvement in 2012
- GWP growth followed gross claims incurred relatively closely in the past few years
- Increased veterinary costs was the main culprit behind claims inflation
- Flat-rate excess may have negative consequences for the health of the industry
•Economic conditions remain the key driver behind market penetration- Pet insurance policy numbers remained flat despite challenging economic conditions
- Shifts in living and working arrangements are influencing choice of pet
Developments in 2013 and Beyond
•Pet insurance market growth will initially be driven by claims inflation- Pet insurance market GWP is forecast to exceed £1bn by 2017
•Co-insurance and aggregators will be the major issues shaping pet insurance- Co-insurance clauses will become more mainstream as the industry seeks to control claims inflation
- Aggregators are focusing more on pet insurance, but plenty of room for growth remains
- The need to compare different policies is supporting an increase in transparency
- Insurers are targeting the lower end of the market with accident- and injury-only policies
- Accident-only policies can be used to upsell to customers conducting research on aggregators
- Maturing books of business will force insurers to focus on profitability instead of market share
- Product penetration needs to increase if pet insurance is to be a sustainable market
•Abbreviations and acronyms
•Definitions- Premium income measures
- Distribution definitions
•Methodology- Primary and secondary research
- Gross written premium and combined operating ratio estimates and forecast methodology
- Advertising and marketing spend data
LIST OF TABLES
•Table: UK pet insurance GWP (£m) and annual growth rate (%), 2007–12
•Table: UK dog and cat population (million), 2000–12
•Table: Gross loss ratios by lines of business (%), 2007–12
•Table: UK pet insurance GWP and gross claims incurred (£m), 2007–12
•Table: UK veterinarian industry employment figures and pay per hour wage inflation, 2005–12
•Table: UK economic activity levels (000s), 2000–12
•Table: UK households by size (%), 1971–2011
•Table: UK pet insurance GWP (£m) and annual growth rate (%), 2007–17f
•Table: UK pet insurance industry exposure (thousands of pet years), 2007–12
LIST OF FIGURES
•Figure: The pet insurance market grew by 5.4% in 2012, mainly on the back of rate increases
•Figure: The cat population increased by 3.0% in 2012
•Figure: Marketing activity needs to focus on cat insurance to increase product penetration
•Figure: The pet insurance loss ratio is less volatile in comparison to other personal lines
•Figure: GWP growth follows gross claims incurred relatively closely
•Figure: The number of unemployed individuals decreased by 4.1% in 2012
•Figure: One- and two-person households have increased in proportion over the past few decades
•Figure: The increase in the urban population means less open spaces for dogs
•Figure: GWP growth will pick up as the UK economy recovers
•Figure: The industry's overall risk exposure grew by over 35% from 2007 to 2012
Bunzl plc, Hutchison 3G UK Limited, Informa plc, Lloyd's of London
Read the full report:
UK Pet Insurance: Market Dynamics and Opportunities
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