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Follow on Google News | Recently released market study: UK Pet Insurance 2009Fast Market Research recommends "UK Pet Insurance 2009" from Datamonitor, now available
Scope * The latest data and market research, including information on market size and shifts in pet ownership trends * Insight into the effects of the recession and other market issues including methods to tackle high growth in claims costs * An understanding of the competitive environment, and of the impact that new entrants and market consolidation is having on the pet insurance market * Forecasts of the market's GWP growth until 2013, based on primary research and in-house expertise Highlights In 2008 the market grew at a slightly reduced rate of 13.1%, which is only marginally below its recent compound average annual growth rate of 14.5%. The increased GWP was a result of both higher premium rates and increased market penetration of the product. With the economy in recession, the number of unemployed people has increased by 26.1%, as of H1 2009, compared to the 2008 average. This has led to many consumers cutting their expenditures and adopting a personal fiscal stance that is more careful with discretionary spending, such as pet insurance. Reasons to Purchase * Understand the competitive dynamics of this competitive niche market. * 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. Partial Table of Contents: -- Full ToC is available at http://www.fastmr.com/ Overview Catalyst Summary Executive Summary The pet market grew substantially in 2008 due to higher premium rates and greater policy volume Pet insurance premium income grew by 13.1% in 2008 Premium rates continued to increase into 2009 High claims inflation continues to be a concern for insurers, keeping profit margins low The pet insurance market's gross loss ratio is less volatile compared to other personal insurance lines The top issue for the market is the ever growing claims bill The economic conditions are challenging to potential pet insurance subscribers Societal trends overall tend to favor pets which require less time commitment The current recessionary economy challenges pet insurance customers Most pet owners form close attachments to their pets, setting this market apart from other lines of insurance The market continues to be highly consolidated Allianz, through Allianz Animal Health and its leading brand Pet plan, is the clear market leader for UK pet insurance Direct Line, More Th>n, Sainsbury's bank and Pet Plan outspent the market in H1 2009, focusing on TV and direct mail advertisement Pet insurance penetration and premium rates are forecast to rise steadily over the forecast period The market is forecast to reach £726.3m in 2013 as both product penetration and premium rates increase Table of Contents Table of figures Table of tables Market Context Introduction The pet market grew substantially in 2008 due to higher premium rates and greater policy volume Pet insurance premium income grew by 13.1% in 2008 Pet policy numbers are up though dog and cat numbers are estimated to have declined in 2008 Premium rates continued to increase into 2009 High claims inflation continues to be a concern for insurers, keeping profit margins low Claims costs were estimated to have grown by 10.6% in 2008 The pet insurance market's gross loss ratio is less volatile compared to other personal insurance lines Veterinary costs continue to be the main driver behind higher claims costs The economic conditions are challenging to potential pet insurance subscribers Societal trends overall tend to favor pets which require less time commitment The current recessionary economy challenges pet insurance customers Britons are now more likely to live in smaller groupings, making caring for animals more difficult London has the lowest pet ownership in the UK, which is directly related to its high population density Insurers are using a variety of means to combat high claims inflation and keep the product affordable The top issue for the market is the ever growing claims bill Over treating could be managed better through shared responsibility Closer relationships with veterinarians could also help to manage claims bill more efficiently Lower prices could be used to increase product penetration, widening the risk pool Insurers can use a number of measures to lower the cost of premiums specifically aimed at attracting new pet owners Insurers can also introduce new cheaper policies specifically aimed at attracting new pet owners Customer Focus Introduction Pet insurance consumers are very attached to their animals, with many having more than one pet Most pet owners form close attachments to their pets, setting this market apart from other lines of insurance Dogs and cats account for over half the pets in the UK and the bulk of the pet insurance market Many insurance providers offer discounts when purchasing cover for multiple pets The top four advertisers spent 87. 7% of the market's total advertising spend in the first half of 2009 For more information or to purchase this report, go to http://www.fastmr.com/ About Datamonitor The Datamonitor Group is a world-leading provider of premium global business information, delivering independent data, analysis and opinion across the Automotive, Consumer Markets, Energy & Utilities, Financial Services, Logistics & Express, Pharmaceutical & Healthcare, Retail, Technology and Telecoms industries. Datamonitor's market intelligence products and services ensure that you will achieve your desired commercial goals by giving you the insight you need to best respond to your competitive environment. View more research from Datamonitor at http://www.fastmr.com/ About Fast Market Research Fast Market Research is an online aggregator and distributor of market research and business information. We represent the world's top research publishers and analysts and provide quick and easy access to the best competitive intelligence available. For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156. End
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