The UK pet insurance market witnessed strong growth in 2015, with some of the market’s key insurers launching new products and expanding their distribution arrangements. The market, dominated by just a few underwriters operating a wide number of brands, has seen a few insurer exits in recent years. The market is expected to continue to grow in terms of gross written premiums (GWP) in the next few years, but this will only be tracking with claims inflation as vet fees increases.
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- The top two insurers account for over 70% of the market.- Allianz continued to dominate the pet market in 2015.
- Seven of the top 10 pet insurers increased their GWP in 2015.
- Aviva is growing well from a small base, while LV=’s book halved in size.
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Verdict Financial’s UK Pet Insurance: Competitor Dynamics 2016 provides an analysis of the competitive landscape within the UK pet insurance market, covering the GWP progression of the major pet insurance underwriters between 2012 and 2015. It also examines recent developments that have impacted these companies and the overall pet insurance industry.
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