UK Pet Insurance Industry Examined by Timetric in In-demand Market Research …
News from Insurance News Net:

London, UK (PRWEB) April 03, 2015

Notwithstanding the deep recession and a decrease in household incomes, demand for pet insurance remains strong in line with advancements in veterinary treatment and surging veterinary fees. Household spending on veterinary care grew by 22.2% during 2008-2012. Despite fast-paced growth, pet insurance market penetration was low, with close to 46% of dogs and 66% of cats left uninsured as of 2012, lelading to enormous potential for providers of new products. The hike in fraudulent claims and claims inflation are a growing concern for et insurance providers.

The pet insurance sector is expected to gain momentum in the coming years, fuelled by the skyrocketing cost of claims and soaring veterinary bills; the category is projected to post a CAGR of 11.3% through to 2017. Gross written premiums collected in the pet insurance category are expected to reach GBP 1.1 billion (around USD 1.72 billion) by end-2017.

The market is highly consolidated, however, the competition is growing stonger. The category has also seeen a growing tendency of insurers to conclude affinity deals with retailers, charities, vets and animal welfare organisations. Great Lakes Reinsurance (UK) Plc, QBE Insurance (Europe) Ltd, Allianz Insurance Plc, Royal & Sun Alliance Insurance Plc, Axa UK Plc, Zenith Insurance Plc, P…………… continues on Insurance News Net

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