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Increasing Preference of Pet Owners toward Lifetime Pet Insurance Policies to Boost UK Pet Insurance Market

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Published on : Aug 08, 2016

ALBANY, New York, August 08, 2016: ResearchMoz.com has announced the addition of a new report, titled ‘UK Pet Insurance: Market Dynamics and Opportunities 2016,’ to its offering. This study presents an extensive overview of the UK pet insurance market. The study identifies and highlights the key factors accelerating the growth of the market in the UK. The factors impeding the growth of the market in the UK have also been included in this report. The top growth trends in the UK pet insurance market form a key part of this study.

As per the report, on the basis of gross written premium (GWP), the UK pet insurance market stood at 853 mn in 2014 and touched 910 mn by 2015. The report starts by presenting an introductory section, which provides the definition of pet insurance and the economic conditions impacting the UK pet insurance market. As per the report, the UK pet insurance market will rise in spite of the increasing cost of claims, though this inflation in claims will negatively impact the GWP development of the market. 

The report further states that the advancement in medical treatments of pets will raise the cost of claims in the UK pet insurance market. It also states that pet insurance is being highly preferred in the UK and thus has encountered a significant rise from its position in 2014. In the next section of the report, insights into pet ownership in the UK have been presented. As per the report, pet ownership in the UK has currently decreased from what it was in 2014. In addition, currently, the ownership of dogs as pets has increased in comparison to that of cats. In the UK, dog ownership is particularly high in Northern Ireland.

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Moving further, the report highlights the prime drivers providing impetus to the development of the UK pet insurance market. The requirement to abstain from the increasing vet bills and the easy access to advanced treatment options available in the UK have mainly contributed to the growth of the UK pet insurance market. In addition, the increasing preference of pet owners toward lifetime pet insurance policies will also positively impact the growth of the pet insurance market in the UK. 

In addition, as stated in the report, the rising costs of pet care have resulted in an increased dominance of insurers in the UK. The report states that the pet insurance market in the UK will further grow in the coming years if insurers work closely with vets for having a better control on the costs. Co-insurance is again gaining prominence in the UK pet insurance market and is poised to take a lead role in the coming years. Furthermore, as per the report, social media provides a good opportunity to the market and has emerged as good source for insurers to provide advanced schemes to pet owners in the UK. 

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