|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
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 28, 2017 03:45 PM EDT Reads: 3,751
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Mar. 28, 2017 03:45 PM EDT Reads: 4,080
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Mar. 28, 2017 03:45 PM EDT Reads: 3,063
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to m...
Mar. 28, 2017 03:45 PM EDT Reads: 287
"delaPlex is a software development company. We do team-based outsourcing development," explained Mark Rivers, COO and Co-founder of delaPlex Software, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 28, 2017 03:00 PM EDT Reads: 9,590
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 28, 2017 03:00 PM EDT Reads: 2,075
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 28, 2017 02:15 PM EDT Reads: 2,162
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
Mar. 28, 2017 02:15 PM EDT Reads: 3,629
In his keynote at @ThingsExpo, Chris Matthieu, Director of IoT Engineering at Citrix and co-founder and CTO of Octoblu, focused on building an IoT platform and company. He provided a behind-the-scenes look at Octoblu’s platform, business, and pivots along the way (including the Citrix acquisition of Octoblu).
Mar. 28, 2017 02:00 PM EDT Reads: 14,234
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and atten...
Mar. 28, 2017 01:31 PM EDT Reads: 188
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 28, 2017 01:15 PM EDT Reads: 2,180
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
Mar. 28, 2017 01:15 PM EDT Reads: 1,600
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
Mar. 28, 2017 12:45 PM EDT Reads: 3,117
SYS-CON Events announced today that Cloud Academy will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud computing technologies. Ge...
Mar. 28, 2017 11:30 AM EDT Reads: 4,675
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 28, 2017 11:30 AM EDT Reads: 2,469