According to the study, ‘Uk Pet Insurance: Market Dynamics And Opportunities 2018, the two of the major companies that operate in the UK pet insurance market include RSA Allianz and Animal Friends. These two companies hold most of the market share in the segment. It is undoubtedly true that the true potential of the market has not been tapped fully.
Insurance has been an age old concept however one topic that has gained much attention is the pet insurance segment of the insurance market. The pet insurance sector is gaining momentum in terms of value as well as volume. The United Kingdom pet insurance market has gained a lot potential in the recent years. The UK pet insurance market has grown rapidly especially in the year 2017. The UK market is characterized by changing premiums. The payment of premiums has changed drastically in the recent years. Other areas that have witnessed a change in the pattern are medical costs as well as pet ownership trend.
UK pet insurance segment witnessed an increase in the total market gross written premiums significantly in 2017 as compared to 2016. The number of policies that were signed by pet owners has also increased considerably in the present year. Many studies suggest that although the number of pets that are insured has increased over the years in UK, the overall market still hasn’t been tapped fully and there remains a huge potential that the large companies could benefit from. This translates into high growth potential for the UK pet insurance market.
A traditional pet insurance policy includes the cover various reasons. These include veterinary fees, third party liability if the pet hurts or injures a person which leads to a liability, the purchase price of the pet, the advertising cost to help a person to find his or her pet is stolen, hospitalization cost involved with taking care of an individual’s pet and even very different reasons like refund of holiday cancellation charges due to reason which involves the pets emergency or refund of traveling charges if the pet requires.
Most of the policies that are signed are a full year contract and require the full amount of the cover to be paid initially, which needs to be renewed each year. There are various types of pet policies. These include life time policy; time limited policy, maximum benefit policy as well as accident only policies that can be claimed only if the pet undergoes an accident.
The pet insurance market is driven by the key factor such as increasing cost of pet healthcare. The cost of pet healthcare is rising year on year in the United Kingdom market and those pet owners who are uninsured might feel the need for insurance. Also, the dog insurance market is the major segment in terms of volume as well as value.
The market under the pet insurance industry is driven by key factors. The growth potential in this segment is immense. The companies that shall be entering this segment could grow to huge heights only if they can provide highest quality of insurance products for the users’ pets at highly competitive prices.
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