2014 Pet Insurance Industry Analysis in UK

Most up-to-date research on "Pet Insurance - UK - August 2014" to its huge collection of research reports. Mintel expects the market to continue to grow at a fairly robust rate, in value terms, over the next five years. This is based on moderately higher demand levels, an improvement in the economic environment and further price increases. However, there remains the possibility of significantly boosting take-up among the non-insured and, thus, the market outperforming expectation. Browse Detail Report With TOC @ http://www.researchmoz.us/pet-insurance-uk-august-2014-report.html Table of Content Introduction Product definition Abbreviations Executive Summary The market Standard model predicts solid growth in premium income Figure 1: Forecast of pet insurance premiums, at current prices – fan chart, 2009-19 Stable exposure despite dip in subscriber numbers Market segmentation Market factors Size of the UK pet population Average cat and dog lifespans Counting the cost of caring for pets Claims ratio Incidence of fraud Company, brands and innovation Two brands dominate Figure 2: Market shares of the top four underwriters, based on GWP, 2013 Online distribution focus Product innovation Brand reinforcement The consumer Pet ownership Figure 3: Number of pets in household, by type of pet, June 2014 Insurance take-up Figure 4: Ownership of common household pets and penetration of pet insurance, June 2014 Product choice – determining factors Figure 5: Factors influencing choice of policy (top five only), June 2014 Frequency of visits to vets for non-routine treatment Figure 6: Number of unexpected visits to vets within past two years, June 2014 Attitudes among the non-insured Future consideration of pet insurance Figure 7: Likelihood of renewing or taking out new pet insurance policy within the coming year, June 2014 What we think Browse Reports in Insurance @ http://www.researchmoz.us/insurance-market-reports-161.html Issues and Insights There remains good potential to expand the market The facts The implications Providers need to attract new customers to reduce the risk of an ageing portfolio The facts The implications The secret to sustainable premiums is effectively managing claims costs The facts The implications Trend Application Trend: Play Ethic Trend: Return to the Experts Trend: Creature Comfort Market Drivers Key points There are as many pets as people in the UK Figure 8: Size of UK pet population, 2014 After food, veterinary costs account for the largest proportion of household spending on pets Figure 9: Average weekly household spending on pets – UK, by category, 2008, 2011 and 2012 Rise in veterinary fees continues to outpace inflation… Figure 10: Total annual household spending on pets, by category, 2008-12 …and drive up the cost of claims incurred… Figure 11: Value and incidence of pet insurance claims incurred, claims ratio and average claim value, 2009-13 …impacting on premiums Fraudulent claims amounted to £1.4 million in 2012 Figure 12: Fraud repudiation rates, 2010-12 For More Reports Browse @ https://www.linkedin.com/today/author/68229468   About ResearchMoz   ResearchMoz is the one stop online destination to find and buy market research reports & Industry Analysis. We fulfill all your research needs spanning across industry verticals with our huge collection of market research reports. We provide our services to all sizes of organizations and across all industry verticals and markets. Our Research Coordinators have in-depth knowledge of reports as well as publishers and will assist you in making an informed decision by giving you unbiased and deep insights on which reports will satisfy your needs at the best price.   For More Information Kindly Contact: Email: sales@researchmoz.us