Working from home has seen many people take the opportunity to become pet owners for the first time. Those who already had pets have become closer to them as they have been able to spend more time together.
The global pet insurance market is predicted to be worth $11.25 billion by the end of 2026. In the UK alone, 17 million households have pets and the number of pets insured has doubled in the last year to 7.7 million.
Despite this increase, a recent survey conducted by Compare by Review estimated that in the UK, over 84% of cats and over 67% of dogs are uninsured. The research also revealed that price is still the number one factor for consumers when choosing a pet insurance provider.
The market presents attractive opportunities for existing and new entrants, however competitive pricing and additional differentiators are key.
This content sheds light on the latest trends impacting the pet insurance market and the implications for pet insurers.
• The growth of e-care pet products.
• Claims costs and per cover.
• The costs of pet ownership.
• Solutions available to help pet insurers assess risks and manage customer relationships.
• Pet analytics indicators.
• Enhancing anti‐fraud and marketing strategies.