With predictions the UK pet insurance market will be worth £1bn by 2016, insurers are confident growth opportunities exist in the market. According to 2014 figures from the Association of British Insurers, 2.8 million UK consumers have insured their pets, with 95% of policies covering cats and dogs. Last year, UK pet insurers paid out more than £1.4m each day.
This article studies how insurers can take advantage of opportunities within the pet insurance market, without falling prey to unscrupulous operators.
• Insurance fraud.
• Pet obesity.