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UK Pet Insurance 2010

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UK Pet Insurance 2010

Description:    The pet insurance market witnessed a lower rate of growth in premium income than it was
                accustomed to in 2009. This report discusses the current consumer attitudes to pet insurance as
                well as the trends in market distribution, advertising and the key players in the insurance line. It
                provides forecasts for GWP up to 2014, making it invaluable reading for those with an interest in
                pet insurance.

                Scope:

                - The latest data and market research, including information on market size and shifts in pet
                ownership trends
                - Insight into advertising expenditure and consumer behaviour in the market
                - An understanding of the competitive environment, and of the impact that new players and market
                consolidation is having on the pet insurance market
                - Forecasts of the market’s GWP growth until 2014, based on primary interview, secondary
                research and in-house expertise

                Highlights:

                Higher veterinarian expenses, in conjunction with a greater frequency of claims, have led to a
                significant level of inflation in the total claims bill, according to industry executives. Varying
                inflation rates of between 5% and 15% have been reported by industry executives, and the market
                has seen premium rates increase accordingly.

                According to the Datamonitor General Insurance Consumer Survey conducted in March 2010,
                26.0% of respondents own a cat, while 23.7% own a dog. While this response does not indicate
                how many pets are kept in each household, market sentiment suggests that it is more likely for a
                household to contain multiple cats as opposed to more than one dog.

                During the first half of 2010, More Th>n accounted for around 43.4% of the advertising spend of
                the total pet insurance market. The company dedicated £2.1m to marketing, of which £1.6m was
                spent on television advertising. This represents a massive increase in budget compared to the
                £622,000 the company spent during the first half of 2009.How has the pet insurance market been
                faring recently and how is it forecast to perform in the next four years?

                Reasons to buy:

                - Gain insight into the future direction of the sector, including market size and the major issues
                affecting the market.
                - Benchmark your company against your competitors based on current and past performances in
                the market.



Contents:       Overview
                Catalyst
                Summary
                Executive Summary
                The pet insurance market grew at a lower rate in 2009
                High claims inflation continues to cut profit margins
                The top three pet insurers hold a high share in an increasingly consolidated market
                More Th>n overtook Direct Line as the largest pet insurance advertiser in 2010
                Market growth will be driven by claims inflation and resultant premium rate increases
                Market Context
                Introduction
                The pet insurance market grew at a lower rate in 2009
                High claims inflation continues to cut profit margins
Current economic conditions will have an enduring effect on pet insurance
Customer Focus
Introduction
Cat owners are a prudent market on which to focus in the UK
More Th>n overtook Direct Line as the largest pet insurance advertiser in 2010
The total advertising budget spent on pet insurance shrank between 2008 and 2009
Household income impacts pet insurance penetration more than age
Direct insurers are the dominant providers of pet insurance
Petplan, Tesco Bank, and Direct Line make up half of the total UK pet insurance market
Online and telephone distribution are the dominant methods of pet insurance arrangement
Confused.com and CompareTheMarket.com joined GoCompare.com in offering a pet insurance
comparison service
Competitive Dynamics
Introduction
RSA, QBE and Agria are expected to record increased premiums in 2010
The top three pet insurers hold a high share in an increasingly consolidated market
Acquisitions in the pet insurance space will see changes in market share

Future Decoded
Market growth will be driven by claims inflation and resultant premium rate increases
Appendix
Definitions
Methodology
Further reading
Ask the analyst
Datamonitor consulting
Disclaimer


TABLE OF FIGURES
Figure 1: Pet insurance market growth was muted in 2009
Figure 2: Pet insurance has a higher loss ratio than household or travel insurance
Figure 3: In H1 2010, the majority of pet insurers' marketing spend was allocated to television
advertising
Figure 4: Pet insurance market growth was muted in 2009
Figure 5: The UK dog population has remained comparatively level since 1999
Figure 6: Pet insurance has a higher loss ratio than household or travel insurance
Figure 7: UK economic activity levels, 1998–2010 Q1 (000s)
Figure 8: A higher proportion of smaller households decreases the convenience of pet ownership
Figure 9: Over half of UK pet owners own a cat (multiple responses allowed)
Figure 10: In H1 2010, the majority of pet insurers' marketing spend was allocated to television
advertising
Figure 11: The More Th>n television campaigns focus on their pricing and customer service
Figure 12: Pet insurance advertising spend has been increasingly devoted to television advertising
Figure 13: Penetration of UK pet insurance, split by household income (% of pet-owner
respondents)
Figure 14: Penetration of UK pet insurance, split by age
Figure 15: The direct and broker channels sold the most pet insurance policies (split by household
income)
Figure 16: The top 10 pet insurance distributors make up three quarters of the total UK market
Figure 17: Online pet cover sales were the dominant distribution channel across household income
bands
Figure 18: GoCompare.com compares the highest number of pet insurance policies
Figure 19: GoCompare.com offers options like boarding fees as add-on components of the policy
Figure 20: CompareTheMarket.com asks consumers to specify the breed from a drop down list
Figure 21: Confused.com is the latest of the major aggregators to offer pet insurance policy
comparison
Figure 22: Swedish pet insurer Agria is hoping to bring its Scandinavian success to the UK market
Figure 23: The dominance of Allianz and RBSI in the pet insurance market is increasing
Figure 24: The growth rate of the pet insurance market is expected to be lower than it was pre-
recession

TABLE OF TABLES
            Table 1: UK pet insurance GWP (£m), 2005–09
            Table 2: UK dog and cat population (millions), 1999–2010
            Table 3: Gross loss ratios by line of business, 2005-09 (%)
            Table 4: UK veterinarian industry numbers and pay inflation, 2003–09
            Table 5: UK economic activity levels, 1998-2010 (000s)
            Table 6: UK households by size, 1971–2008/09
            Table 7: Pet ownership trends in UK households, 2010
            Table 8: Top 10 pet insurance advertisers by medium, HI 2010
            Table 9: Top 10 UK pet insurance advertisers ranked by 2010 H1 expenditure, H1 2006 - H1 2010
            (£)
            Table 10: Top 10 pet insurance advertisers by medium, 2009
            Table 11: Pet insurance advertising spend by medium, 2004–H1 2010
            Table 12: Penetration of UK pet insurance, split by household income
            Table 13: Penetration of UK pet insurance, split by age
            Table 14: Distribution channel, split by household income
            Table 15: List of UK dog and cat insurance providers (as of November 2010)
            Table 16: Market share of UK pet insurance distributors by percentage of survey respondents,
            March 2010
            Table 17: Pet insurance distribution method split by household income
            Table 18: Top UK pet insurers by premium income, 2005–09 (£000s)
            Table 19: Top UK pet insurers by market share, 2005–09 (%)
            Table 20: Key variables affecting pet insurance GWP, 2010–14f
            Table 21: UK pet insurance GWP, 2005–14f




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