UK Pet Insurance Market Research Report - Analysis on Size, Share, Trends and Growth Forecast from 2024 To 2029

Updated On: June, 2024
ID: 7911
Pages: 145

UK Pet Insurance Market Size (2024 to 2029)

The size of the UK pet insurance market was worth USD 1.27 billion in 2023 and is predicted to grow at a CAGR of 13.1% from 2024 to 2029 and reach USD 2.66 billion by 2029 from USD 1.44 billion in 2024. Medical inflation contributes to the rise in the GWPs, with insurers continuing to pass on costs to policyholders.

Contrary to popular thinking, pet insurance is not a variation of human health insurance but property insurance. Wherein pet owners are reimbursed by the insurance firm in response to the claims filed by the owner. Pet Insurance pays partly or in total for the treatment of the injured or ill pet of the insured person. Some pet insurance policies also pay out in cases of the pet's death and even when the pet is lost or stolen. Pet insurance coverage includes unexpected illnesses, accidents, and injuries for pets such as dogs, cats, rabbits, horses, exotic pets, and other pets, depending on the chosen policy. Pet insurance plans do not cover routine dental cleaning, parasite or preventative flea treatments, and hereditary and congenital conditions. However, some policies include the coverage of congenital, hereditary, and chronic diseases such as cancer and costs associated with the same diagnosis, such as CAT scan, ultrasound imaging, veterinary exam fees, prescription medication, MRI testing, and non-routine dental treatment.

The high numbers of the pet populace in the UK and Europe are a significant driver of growth of the UK pet insurance market, providing ample opportunity for insurance providers to target a broad customer base. Pet owners are becoming increasingly concerned about the health of their pets. As disposable income rises and healthcare costs decline, they can provide better healthcare for their pets, one of the major factors promoting the UK pet insurance market. In addition, YOY growth in the pet adoption rate among households is another major factor contributing to the growth of the UK pet insurance market.

PET

NUMBERS IN THE UK (MILLIONS, 2018)

Cat

102.6

Dog

84.9

Bird

49.8

Small mammal

28.7

Reptile

7.8

 

In addition, increasing consumers' awareness about insurance policies and policy types and growing awareness among uninsured pet owners regarding the benefits of pet insurance is expected to boost the market’s growth rate in the UK. Furthermore, technological innovations such as wearable remote devices offer new avenues to tap the market. The growing acceptance of sophisticated and expensive treatments and the substantial increase in the number of people owning pets are expected to favor the pet insurance market growth in the UK during the forecast period.

However, exclusions in pet insurance policies that do not provide the necessary coverage and cover only basic insurance and rising veterinary costs that dampen consumer demand are expected to impact the pet insurance market growth in the UK negatively.

This research report has been segmented and sub-segmented into the following categories:

  • Based on the type of pet, the UK pet insurance market is segmented into cat, dog, horse, rabbit, exotic, and others. The dog insurance segment is expected to hold a major market share during the forecast period.
  • Based on policy type, the UK pet insurance market has been segmented into Lifetime Cover, non-lifetime cover, and others. The lifetime cover segment is further divided into accidental and illness cover. The non-lifetime cover segment is further divided into accidental cover and illness cover.

Based on the region, the UK pet insurance market is anticipated to hold a promising share in the European region during the forecast period owing to the growing penetration of pet insurance policies.

KEY MARKET PLAYERS

Following are the companies playing an active role in the UK pet insurance market Petplan Pet Insurance, Embrace Pet Insurance Agency, Royal & Sun Alliance (RSA), Pethealth Inc., Agria Pet Insurance, Petfirst Healthcare, Nationwide Pet Insurance, PetSure Pty Ltd., Petsecure Pet Health Insurance and Hartville Group.

Pet insurance companies are increasingly offering pet owners the ability to customize the coverage provided by allowing them to choose their levels of deductibles or co-insurances. It has resulted in the pet owner getting access to more control over the monthly premium and selecting the best coverage suited for their needs. The UK continues to be a significant contributor to market growth in the region of Europe, owing to the market being developed, which results in deeper penetration of insurance providers in the area.

Overall, the pet insurance market in the UK remains conducive for growth owing to an increasing trend of owning companion animals in the region and due to the potential for offering previously untapped premiums and services to pet owners, who are highly aware and are willing to spend on pet care.

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