United Kingdom (UK) Pet Insurance Distribution Dynamics 2023

This report explores how purchasing preferences have changed over time in the UK pet insurance market. It discovers what is most influential to customers when purchasing a pet insurance policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the market over the next few years.

More than half of pet insurance policyholders preferred the direct channel for dog insurance in 2023. The channel accounted for over 40% of cat insurance policies during the same year. Price-comparison websites (PCWs) was the second-most preferred channel by in 2023. However, there was a decline in the use of PCWs by 1 percentage point for dog insurance compared with 2022. In 2023, the affinity channel overtook PCWs’ share for cat insurance, claiming second place.

Scope

• In 2023, Petplan and Animal Friends registered double-digit market shares, together accounting for 36.1% of the pet insurance market.
• The top 10 providers accounted for 75% of the market, compared to the 73.8% in 2022.
• Direct Line was the only new entry to the top 10 for cat insurance in 2023, although there were changes in the positions of the other providers. Tesco Bank recorded the largest market share increase of 5pp among the top 10 cat insurance providers.

Reasons to Buy

• Understand consumer purchasing decisions and how these will influence the market over the next few years.
• Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
• Compare the Net Promoter Scores of key insurance providers.
• Discover which providers lead the way in the pet insurance space and learn about new product innovations.
• Adapt your distribution strategy to ensure it still meets customer purchasing behavior.