United Kingdom (UK) Pet Insurance Market Dynamics, Trends and Opportunities

1.1 Market overview
1.2 Key findings
1.3 Critical success factors

2.1 The pet insurance market grew by 12.8% in 2022
2.2 The increased number of policyholders led to GWP growth in 2022
2.3 The number of pet insurance policyholders recorded double-digit growth in 2022
2.4 Dog insurance continues to dominate GWP
2.5 Average premiums vary by type of pet
2.6 The number of claims increased to record highs in 2022
2.7 Gross claims surged above GBP1 billion
2.8 The average claim varies considerably depending on the type of pet

3.1 Allianz continues to dominate the market
3.2 Policy features from the top providers
3.3 PetPartners launches an employer-based group pet insurance offering

4.1 The market is set to continue growing
4.2 Dog insurance will remain the dominant segment
4.3 Pet insurers could partner with insurtechs to combat fraudulent claims
4.4 Consumers are increasingly downloading insurance apps
4.5 Social media can be a powerful tool for insurers

5.1 Abbreviations, acronyms, and initialisms
5.2 Methodology
5.3 Secondary sources
5.4 Further reading

Table 1: Breakdown of the pet insurance market by product, 2022
Table 2: The claims landscape in the pet insurance market, 2018-22
Table 3: Average claims cost by pet, 2018-22
Table 4: Petplan’s pet insurance products
Table 5: Animal Friends’ pet insurance products
Table 6: Tesco Bank’s pet insurance products
Table 7: The split of the pet insurance market, 2022-27

Figure 1: UK pet insurance GWP grew by 12.8% in 2022
Figure 2: The number of pet insurance policyholders continued to grow in 2022
Figure 3: Dog insurance accounted for more than two thirds of total policyholders in 2022
Figure 4: Inflation is expected to have peaked in 2022
Figure 5: Dogs accounted for 78.5% of pet insurance GWP in 2022
Figure 6: The average premium for other pets fell by 19.8% in 2022
Figure 7: The cost of veterinary services and other services for pets is rising
Figure 8: The total number of reported claims increased by 28.4% in 2022 to reach a record high
Figure 9: The total confirmed value and volume of fraudulent claims reached record highs in 2022
Figure 10: Gross claims incurred increased by 16.8% in 2022
Figure 11: The average dog claim fell by 8.5% in 2022 - the first decrease since 2017
Figure 12: There is room for growth for tracking technology to monitor pets in the UK
Figure 13: Allianz was responsible for the largest share of premiums in the pet insurance market in 2022
Figure 14: Allianz accounted for the most contracts in 2022
Figure 15: The pet insurance market is set to reach just under GBP2 billion by 2027
Figure 16: There is potential for growth in the pet insurance market
Figure 17: There will be 4.6 million pet insurance policyholders by 2027
Figure 18: Forecasting methodology