Report Overview

United Kingdom Pet Insurance Market - Industry Trends & Forecast Report, 2030

United Kingdom Pet Insurance Market size was estimated to be worth USD 387.17 million in 2023. During the forecast period between 2024 and 2030, the United Kingdom Pet Insurance Market size is projected to grow at a CAGR of 7.09%, reaching a value of USD 729.91 million by 2030. Major growth factors for the United Kingdom Pet Insurance Market include high regional pet ownership and increasing veterinary care costs. Furthermore, the rising incidence of diseases among pets and the humanization of pets is anticipated to present lucrative growth opportunities to the United Kingdom Pet Insurance Market over the forecast period.

Pet Insurance – Overview

Pet insurance is a kind of insurance specifically for pets. If a pet becomes ill or is hurt in an accident and requires veterinary care, pet insurance may pay for the costs of care. It may protect against an unforeseen—and perhaps costly—bill. Many alternative therapies, like acupuncture and chiropractic adjustments, are covered by certain insurance in addition to physical therapy. Certain plans provide for treatments and medications, but they do not pay for examination costs when a pet is ill or hurt.

United Kingdom Pet Insurance Market

Growth Drivers

Rising Rate of Pet Ownership

The United Kingdom is registering significant growth in the adoption of pets, which is emerging as the major driving factor for the pet insurance market in the country. The data by People’s Dispensary for Sick Animals, a charity organization, reveals that around 53% of United Kingdom adults own a pet, out of which around 29% have a dog, while 24% of the population have a cat. Another report states that the total number of pets has increased from 35 million (a 9% increase) in 2022 to 38 million pets in 2023. The increasing number of pets is expected to increase the demand for pet insurance products with the rising prevalence of animal diseases and illnesses, driving overall market growth.

Challenges

Fluctuating Premium of Pet Insurance

One of the biggest challenges for the growth of Pet Insurance Market in the United Kingdom is determining how much to charge for premiums in light of rising veterinarian costs and inflation. According to the 2022 statistics by the Association of British Insurers (ABI), pet insurance companies in the United Kingdom are grappling with the issue of premium pricing due to the increasing rate of claim volumes. The expense of caring for sick or wounded pets is rising with the development of new medicines, which may force insurers to modify premium pricing and expand the scope of their policies.

United Kingdom Pet Insurance Market

Segmental Coverage

United Kingdom Pet Insurance Market – By Policy

Based on policy, the United Kingdom Pet Insurance Market is segmented into illnesses & accidents, chronic conditions, and others. The illnesses & accidents segment holds the largest share in the United Kingdom Pet Insurance Market. The frequent veterinary clinic visits are mainly associated with poor health of the pets as a result of poisoning, foreign body ingestion, insect bites, stings, wounds, and fractures. Pet insurance often covers a wide range of conditions, including diagnosis, medications, and various types of tests.

United Kingdom Pet Insurance Market – By Animal

Based on animal, the United Kingdom Pet Insurance Market is divided into dogs, cats, horses, exotic pets, and other segments. The dogs segment accounts for the highest market share, followed by cats. Based on data from UK Pet Food, dogs are the most popular animal in the country, with a population of 12 million and a presence in 31% of British households. With 26% of homes owning one or more cats, cats remain the second most popular pet in the nation. However, rabbits are anticipated to register the highest growth rate during the forecast period.

United Kingdom Pet Insurance Market – By Country

The in-depth research report on the United Kingdom Pet Insurance Market covers the regional market in England, Scotland, Wales, and Northern Ireland. England dominates the United Kingdom Pet Insurance Market owing to the high rate of pet ownership in the country. Around 38 million pets inhabit UK households, or approximately 57% of all households (16.2 million), according to the data by Veterinary Practice. With a high pet ownership rate in the United Kingdom, many industry players are launching new insurance products into the market, driving Pet Insurance Market.

Competitive Landscape

Major players operating in the United Kingdom Pet Insurance Market include Pet Cover UK, ManyPets, PDSA Pet Insurance, Aviva, Agria Pet Insurance Ltd, Petplan Limited, Petsure, Direct Line Insurance Group Plc, Healthy Pets Insurance, RSPCA, Tedaisy Insurance Group, and Protectapet.

To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Recent Developments

• In October 2023 – CRIF, a global FinTech company, launched a real-time pet insurance service to tap into the United Kingdom insurance industry.

Scope of the Report

By Policy

• Illnesses & Accidents

• Chronic Conditions

• Others

By Animal

• Dog

• Cat

• Horse

• Exotic Pet

• Others

By Country

• England

• Scotland

• Wales

• Northern Ireland

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3.  United Kingdom Pet Insurance Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Growing Pet Population in the UK
         2. Escalating Costs of Veterinary Care
         3. Rise in Pet Adoption Rates
         4. Awareness and Education
      2. Restraints
         1. High Premium Costs
         2. Lack of Awareness
         3. Misunderstandings About Pet Insurance Being Similar to Human Health Insurance
         4. Challenges Related to Transparent Coverage Terms and Conditions
      3. Opportunities
         1. Collaboration with Insurtechs
         2. Customizable Coverage Options
         3. Wellness and Routine Care Coverage
         4. Technology Integration
      4. Challenges
         1. Educating Pet Owners
         2. Fraud Prevention
   3. Technological Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. United Kingdom Pet Insurance Market, Pricing Analysis
5. United Kingdom Pet Insurance Market: Marketing Strategies
6. United Kingdom Pet Insurance Market Overview
   1. Market Size & Forecast, 2019–2030
      1. By Value (USD Million)
   2. Market Share and Forecast
      1. By Policy
         1. Illnesses and Accidents
         2. Chronic Conditions
         3. Others
      2. By Animal
         1. Dog
         2. Cat
         3. Horse
         4. Exotic Pet
         5. Others
      3. By Country
         1. England
         2. Scotland
         3. Wales
         4. Northern Ireland
7. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. United Kingdom Pet Insurance Market Share Analysis, 2023
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
8. Impact of Escalating Geopolitical Tensions on United Kingdom Pet Insurance Market
9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
   1. Petcover UK
   2. ManyPets
   3. PDSA Pet Insurance
   4. Aviva
   5. Agria Pet Insurance Ltd
   6. Petplan Limited
   7. Petsure
   8. Direct Line Insurance Group Plc
   9. Healthy Pets Insurance
   10. RSPCA
   11. Tedaisy Insurance Group
   12. Protectapet
   13. Other Prominent Players
10. Key Strategic Recommendations
11. Research Methodology
    1.    Qualitative Research
       1.  Primary & Secondary Research
    2.    Quantitative Research
    3.    Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.    Breakdown of Primary Research Respondents, By Country
    5.    Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

List of Figures

Figure 1       United Kingdom Pet Insurance Segmentation

Figure 2       United Kingdom Pet Insurance Market Value Chain Analysis

Figure 3       Company Market Share Analysis, 2023

Figure 4       United Kingdom Pet Insurance Market Size, By Value (USD Million), 2019–2030

Figure 5       United Kingdom Pet Insurance Market Share, By Policy, By Value, 2019–2030

Figure 6       United Kingdom Pet Insurance Market Share, By Animal, By Value, 2019–2030

Figure 7       United Kingdom Pet Insurance Market Share, By Country, By Value, 2019–2030

List of Tables

Table 1       United Kingdom Pet Insurance Market Size, By Value (USD Million), 2019–2030

Table 2       United Kingdom Pet Insurance Market Share, By Policy, By Value, 2019–2030

Table 3       United Kingdom Pet Insurance Market Share, By Animal, By Value, 2019–2030

Table 4      United Kingdom Pet Insurance Market Share, By Country, By Value, 2019–2030

Table 5        Petcover UK Company Overview

Table 6        Petcover UK Financial Overview

Table 7        ManyPets Company Overview

Table 8        ManyPets Financial Overview

Table 9        PDSA Pet Insurance Company Overview

Table 10      PDSA Pet Insurance Financial Overview

Table 11      Aviva Company Overview

Table 12      Aviva Financial Overview

Table 13      Agria Pet Insurance Ltd Company Overview

Table 14      Agria Pet Insurance Ltd Financial Overview

Table 15      Petplan Limited Company Overview

Table 16      Petplan Limited Financial Overview

Table 17      Petsure Company Overview

Table 18      Petsure Financial Overview

Table 19      Direct Line Insurance Group Plc Company Overview

Table 20      Direct Line Insurance Group Plc Financial Overview

Table 21      Healthy Pets Insurance Company Overview

Table 22      Healthy Pets Insurance Financial Overview

Table 23      RSPCA Company Overview

Table 24      RSPCA Financial Overview

Table 25      Tedaisy Insurance Group Company Overview

Table 26      Tedaisy Insurance Group Financial Overview

Table 27      Protectapet Company Overview

Table 28      Protectapet Financial Overview