Dublin, May 20, 2021 (GLOBE NEWSWIRE) -- The "UK Pet Insurance Market 2021: Consumer Research Report" report has been added to ResearchAndMarkets.com's offering.
This report examines the motivations, experiences and opinions of the UK pet insurance customer. Pet insurance is designed to cover medical expenses if the insured pet becomes ill or is injured in an accident.
Most products cater for cats and dogs, although there are policies available for horses and ponies, rabbits, fish and more exotic pets. Similar research was run in 2019 and the report compares and contrasts the findings over 2019 to 2021.
For this report, the publisher commissioned research from MIS Group's UK panel. The research was structured so that 2,002 nationally representative consumers aged 18+ were asked if they owned an insurance policy. This generated 496 individuals who owned a pet insurance policy. Similar research run in 2019 generated responses from 503 individuals.
Half of consumers own a pet, with ownership rising slightly in the past two years. In 2021, 50% of pet owners owned pet insurance, which is higher than the percentage owning in 2019. The rise in pet ownership and insurance is likely to have been aided by the COVID-19 pandemic. COVID-19 has been a double-edged sword for pet insurance.
On the one hand, it has increased the percentage of households owning pets, making insurance more relevant. On the other hand, it has reduced consumer spending on veterinary services, thereby making insurance less relevant.
It has also squeezed the income of some consumers, making it harder to afford insurance and closed or restricted the opening of key retail sales channels for pet insurance. In 2020, the publisher estimates Gross Written Premiums (GWP) reached over £1.3 billion and the market is expected to rise by 38% between 2020 and 2025.
Each year policyholders effectively start a new customer journey and receiving the annual policy renewal prompt tends to kick start a new journey. Each year, over seven-in-ten pet insurance cover holders are existing policyholders, and their choice comes down to either renewing with an existing provider (over half renew each year) or switching from one provider to another (around one-in-five switch each year).
In 2021, one-quarter of policyholders acquired their latest policy by embarking on their first ever customer journey, i.e. they were first time buyers.
The COVID-19 pandemic which closed many outlets for selling pet insurance has helped reduce the tendency of policyholders to switch provider between 2019 and 2021, with the insured less likely to visit outlets where they could be exposed to new sales literature.
This factor could also account for the drop in first time buyers (FTBs) between 2019 and 2021, with uninsured pet owners (especially first-time pet owners) less exposed to in-store marketing literature and hence less likely to take out insurance for the first time.
Other findings from the report include:
Key Topics Covered:
1. Executive Summary
3. Profile of The Insured Pet Owner
4. The Type of Pet Insurance Owned
5. The Customer Journey Begins
6. Buying a Policy: Finding The Right Deal
7. Policy Acquisition: Price Negotiation
8. Being a Policyholder
9. Market Size and Trends
For more information about this report visit https://www.researchandmarkets.com/r/xvwgy7
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