Navi Mumbai, Maharashtra India (PressExposure) October 01, 2007 -- Bharat Book Bureau, a leading market information aggregator has put forth a report-UK Pet Insurance 2007 [http://www.bharatbook.com/detail.asp]
Strong growth in pet insurance premium income continued to characterize the market in 2006. This report discusses the current consumer attitudes to pet insurance as well as the trends in market distribution. It also provides forecasts for GWP and profitability up to 2011 under two different scenarios, making it essential reading for those with an interest in pet insurance.
Scope of this report The latest data and market research, including information on market size, shifts in pet ownership trends, and product penetration levels An understanding of the competitive environment, and of the impact that new entrants and market consolidation is having on the pet insurance market Insight into changes in product distribution, tracking trends by platform and channel Two scenarios forecasting the market's GWP growth until 2011, based on primary research and in-house expertise Research and analysis highlights The market now has more tails under cover than ever before, with all insurance providers contacted by Datamonitor for this report indicating that policy numbers experienced significant growth in 2006. This was achieved through an increase in product penetration rather than through growth in the pet population.
Almost one in five pet insurance policyholders chose their provider based in part on their veterinarian's recommendation. This indicates that this channel for distribution remains viable and by ceding it largely to Petplan, as many insurers had, competitors have given the industry leader an advantage in the distribution of the product.
Operating conditions in the pet insurance market in 2006 remained unchanged with the three largest insurers controlling roughly three quarters of the market. Despite numerous entrants to the market, even in the last year, the market remains consolidated at the underwriting level, as few new insurers have entered the market.