DUBLIN, Feb. 20, 2023 /PRNewswire/ — The UK Pet Insurance Consumer Research Report has been added to ResearchAndMarkets.com’s offering.
The UK Pet Insurance Consumer Research Report 2023 provides insights into consumer behavior and intentions. This report is based on the responses of a UK national sample of 517 consumers who have some form of pet insurance and where possible the latest results are compared to survey results from 2021 and 2019.
Pet ownership has increased in recent years, which has led to a growing demand for pet insurance. However, there are many pet owners, including those with cats and dogs, who do not yet have pet insurance, so there is room for growth. On the other hand, the current cost of living crisis, inflation and reduced disposable income for many households could limit market growth over the next year or two and cause some existing policyholders to reduce their coverage.
Insured pet owners naturally minimize their insurable risks by being well insured. This explains why life insurance, the most expensive insurance option, is the most popular among insured pet owners. Almost four out of ten policyholders in the 2023 survey own this type of policy.
The good news for established pet insurance providers is that brand loyalty appears to be relatively strong, with a higher percentage of adults in this survey staying with their existing insurer compared to previous years. Also, fewer respondents to this survey say they will definitely switch to another insurer at the next renewal date.
Less than 1 in 5 policyholders have made a claim in the last 12 months. The success rate for lawsuits is relatively high – 68% of lawsuits were fully successful and a further 22% were partially successful, for a total of 90%.
More than half take out pet insurance directly with an insurer. Direct purchases are increasing significantly among the over 65s. Almost a third buys via a price comparison portal.
Key topics covered
1. SUMMARY
Summary More than a quarter of adults have pet insurance Policy price takes center stage Big brands are increasing their share Brand loyalty is particularly important for older adults Switching rates have decreased from previous surveys Just under a third have made a claim in the last 5 years Over half are buying pet insurance direct from an insurer Results for higher income households differ from survey average Healthy market growth
2. INTRODUCTION
3. PET INSURANCE – BACKGROUND
More than a quarter of adults have pet insurance Lifetime policies account for the largest share Like most other consumer insurance markets, policyholders focus primarily on price Brand loyalty, which is important for older adults
4. INSURANCE CLAIMS
A clear majority have not made a claim in recent years
5. RENEWALS, CHANGES AND NEW POLICIES
The majority have stayed with their existing insurance provider Limited switching likely in the next year Direct purchase remains the option used by the majority
6. MARKET TRENDS FOR PET INSURANCE
Over 17 million households own a pet Healthy market growth in 2022 Many insurance providers, but three major players are leading the market Rising pet ownership and veterinary costs are boosting pet insurance sales
For more information about this report, visit https://www.researchandmarkets.com/r/fomtak-pet-insurance?w=5
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SOURCE Research and Markets
