| Source: Research and Markets
Dublin, IRELAND
Dublin, Feb. 20, 2023 (GLOBE NEWSWIRE) — The “UK Pet Insurance Consumer Research Report” report has been added to ResearchAndMarkets.com’s offering.
The UK Pet Insurance Consumer Research Report 2023 offers insights into consumer behaviour and intentions. This report is based on responses from a national UK sample of 517 consumers that have some form of pet insurance and, where possible, the latest results are compared with survey results from 2021 and 2019.
In the last few years, pet ownership has been increasing and this has driven a growing demand for pet insurance. However, there are many pet owners, including those with cats and dogs, that still have no pet insurance so there are opportunities for growth. On the flip side, the current cost of living crisis, inflation, and reduced disposable income for many households may limit market growth in the next one to two years plus see some existing policy holders reducing their cover.
By their nature, insured pet owners like to minimise their insurable risks by being well insured. This explains why lifetime insurance, the most expensive insurance option, is the most popular among insured pet owners. This type of policy is owned by almost four out of 10 policy holders in the 2023 survey.
The good news for incumbent pet insurance providers is that brand loyalty seems to be relatively strong with a higher percentage of adults in this survey, compared to previous years, staying with their existing insurer. Also, fewer respondents in this survey say that they are definitely going to switch to another insurer when the next renewal date comes up.
In the last 12 months, fewer than 1 in 5 policyholders have made a claim. The success rate for claims is relatively high – 68% of claims were completely successful and another 22% were partially successful, 90% in total.
Over half buy pet insurance direct from an insurer. Direct purchases increase significantly for 65s and over. Just under a third purchase via a price comparison site.
Key Topics Covered
1. EXECUTIVE SUMMARY
2. INTRODUCTION
3. PET INSURANCE – BACKGROUND
4. INSURANCE CLAIMS
5. RENEWALS, SWITCHING AND NEW POLICIES
6. PET INSURANCE MARKET TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/y8l0qf-pet-insurance?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.