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2015 saw the UK pet insurance market continue to grow, with gross written premiums (GWP) increasing by 6.3% from ÂŁ853m in 2014 to ÂŁ910m in 2015. Medical inflation remains the underlying factor driving GWP, with the quality of medical treatments and veterinary procedures influencing cost greatly and sparking inflationary pressure. Product penetration has also grown, with the number of policy subscribers continuing its upward trend from 2012 to reach 3.4 million - an increase of 8.7% from 2014. The market has been battling to increase product take-up and is vying to maintain distribution output by increasing the availability of policies on direct propositions and price comparison sites. Aggregators still serve the pet space, but while many of the smaller providers continue to place more of their business onto these platforms, the major players are still refraining from using price comparison sites as a means of product distribution - with good reason. Read More At: http://www.researchbeam.com/uk-pet-insurance-dynamics-andopportunities-2016-market
Key Findings • Medical costs and pet care continue to influence the cost of claims significantly, and as a result encourage insurers to raise the price of their premiums. • The pet insurance market is expected to break the £1bn mark for the first time in 2016 as insurers continue to battle rising costs. • Pet insurance is not well served on price comparison sites and is not typically viewed by customers as a “commodity” - more care and attention is required • before purchasing.
Reasons To Buy • Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and significant market developments occur. • Be informed of how insurers are faring amid the increasing cost of claims in the face of developments in pet care and advancing medical treatments. Read More At: http://www.researchbeam.com/uk-pet-insurance-dynamics-andopportunities-2016-market
List Of Figures Figure 1: 2015 saw GWP fall by 6.7% to ÂŁ910.1m Figure 2: Insurer gross claims incurred grew by almost 10% from 2014 Figure 3: The number of claims reported continues on an upward trend Figure 4: Average claims costs continue to rise, but at a more steady rate Figure 5: In 2015 the pet insurance gross loss ratio reached its highest level in five years Figure 6: The percentage of UK dog owners is now marginally greater than cat owners Figure 7: Dog owners outstrip the number of cat owners according to the PFMA Figure 8: The number of pet insurance policy holders now tops 3.3 million Figure 9: Vet costs around the country Figure 10: UK pet insurance GWP is expected to hit ÂŁ1bn in 2018 Figure 11: Bought By Many contains a range of pet options and utilizes social media platforms
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