UK Pet Insurance Market Report 2015

Transcription

1 Brochure More information from UK Pet Insurance Market Report 2015 Description: This market report covers the UK market for pet insurance. Pet insurance is a product designed for pet owners to cover the cost of veterinary treatment for their pets, which can represent a significant and unplanned cost. Pet insurance is a way to make it easier to afford such expenses. There are various types of pet insurance cover available. Few cover medical conditions or injuries that predate the start of the policy; for this reason, it can be hard for consumers to switch pet insurers if they have had to make a claim for treatment for an illness or injury. All insurance policies specify a maximum amount of money that will be paid out per treatment and/or condition under the relevant policy headings. Most pet insurance policies, like many other general insurance products, are annual contracts and require yearly renewal. Some policies reset the maximum limit they will pay for veterinary fees each year, while others will not; with the latter type of policy, once a limit is reached for one particular condition and/or treatment, the insurer will no longer cover veterinary fees (see below). Many policies also do not provide cover for recurring illnesses or injuries or ongoing/lifelong conditions. Policies usually include cover for: - Veterinary fees - for the cost of diagnosing and treating illnesses or injuries, including the cost of consultations, examinations, tests, x-rays, magnetic resonance imaging (MRI) scans, medication, bandages and other dressings, surgery and hospitalisation. This can also include cover for the cost of alternative therapies if recommended by a qualified veterinary surgeon (vet), such as acupuncture, homeopathy and also herbal remedies. Complementary treatments such as physiotherapy, osteopathy, hydrotherapy and chiropractic manipulation may also be included. - Third-party liability - mostly used for dogs but also sometimes included in policies covering equines, thirdparty liability covers the insured if the pet injures someone or damages another person s property and the owner is found to be legally responsible. - Purchase price - covers the purchase price of a pet if it is lost, stolen, strays or dies as the result of an injury or illness prior to a specified age. - Advertising costs - payments towards advertising costs (i.e. posters) to aid in finding a lost pet, and also a lump sum to offer as a reward for finding the pet. Some policies provide additional cover for: - Hospitalisation - the cost of looking after a pet (e.g. placing pets in kennels or catteries) if the owner has to go into hospital for emergency medical treatment (generally with exclusions in place, such as not covering pet boarding fees if the injuries are of a suicidal nature or the cost of boarding a pet while the owner is experiencing childbirth and subsequent recovery). - Holiday cancellation - the cost of the holiday if the holiday is cancelled because the insured pet requires emergency surgery close to the start of the holiday. - Overseas vet fees - the cost of emergency veterinary treatment for pets if the pet is taken abroad under the Pet Travel Scheme. Policies do not provide cover for routine and/or preventative treatments, such as: - Vaccinations - Spaying/castration - Flea, tick and worm treatments - Grooming - Claw clipping - Dental/oral maintenance - Costs associated with pregnancy and giving birth - The purchase price of a pet if the pet dies after a certain age, usually 9 years. There are four main types of pet insurance policies. These are: - Lifetime pet insurance policies - also known as lifelong, reinstatement, cover for life or renewable benefit

2 policies, lifetime pet insurance is a policy that is renewable every year and covers all new medical illnesses and injuries (i.e. those which were not apparent prior to the start date of the policy). Cover is provided up to a set amount of money each year for as long as the policy remains in force; once this amount is reached during the 12-month policy period, no further benefits will be paid and any treatment required after this financial point is reached will not be covered. However, the limit is reset at the beginning of the next 12- month period if the owner renews the insurance policy, meaning that ongoing illnesses or injuries that need treatment in a given year will also be covered again by the policy the following year, providing the policy is renewed and remains in force. This is a key difference between lifetime policies and other types of pet insurance policies: as long as the policy is renewed, it will provide cover for long-term or recurring illnesses for the duration of the policy. - Maximum benefit policies - also known as money-limited policies or per-condition policies, these cap the maximum amount of money that will be paid out to cover the cost of treating each illness/injury that a pet may suffer. Each illness/injury is covered until the maximum amount has been spent, providing the insurance policy remains in force. As there is no time limit to this amount (unlike lifetime policies, where the limit is reset annually), once the cap is reached and all money has been spent, treatment of that illness or injury will not ever be covered again. If a pet has received treatment for a particular illness which later reoccurs in another part of the body at a later date, many maximum benefit policies will treat this as the same condition and therefore the maximum amount of money for that condition will only be available once, not for each recurrence of the illness or injury. Unlike lifetime policies, maximum benefit policies do not cover long-term or recurring illness or injuries after the financial limit of the policy has been reached month policies - also known as time-limited policies, these cease to cover treatment for illnesses or injuries after a set time period is over, usually 12 months from the onset of the illness or injury, or when the cap set for treatment of that particular illness or injury is reached: whichever comes first. After either the set period is over or the maximum benefit is paid out, that particular illness or injury will not ever be covered again. 12-month policies are different from other pet insurance policies because each illness or injury is only covered for a specific time period from when the illness or injury starts. They differ from maximum benefit policies because they apply a time limit for how long treatment for an illness or injury is covered, as well as imposing a cap on the maximum pay out for any one condition. 12-month policies involve two main elements: - - Fixed sum of money is available to cover the treatment of each illness or injury - - There is a fixed time period during which treatment for each illness or injury is covered, with policies covering the cost of treating a particular illness or injury for 12 months from the start of that illness or injury (providing the policies remains in force). - Accident-only policies - these policies provide a fixed sum of money for each accidental injury to help cover the costs of veterinary treatment; some also include an amount towards the cost of emergency treatment of an illness. Accident-only policies may impose a 12-month limit on how long they will pay out for treatment for an accidental injury. Accident-only policies generally cover the treatment of accidents, not illnesses, or at most only provide funds for the emergency treatment of illnesses. Association of British Insurers The Association of British Insurers (ABI) acts as the voice of the UK insurance industry, representing the general insurance, protection and long-term savings industry. Formed in 1985, it now has 250 members accounting for approximately 90% of premiums in the UK. The ABI presides over a UK insurance industry which is a global leader; UK insurers manage assets of 1.9 trillion, with investments amounting to 25% of the UK s total net worth, and contribute 11.8bn in taxes to the Treasury. This makes the insurance industry the fourth-highest payer of corporation tax of any sector in the UK economy. The products and services delivered by insurers are essential for the functioning of our economy and society, protecting individuals, businesses and society as a whole from an array of unfortunate events. Employing around 334,000 people in the UK alone, the insurance industry is also one of this country s major exporters. Contents: 1. Introduction & Definition - Report Coverage And Definitions

3 - Association Of British Insurers 2. Executive Summary - What s Key In The Market? - Key Drivers - Market Trends - Pet Ownership - Household Expenditure On Pets - Gross Annual Pay In The Veterinary Services Sector - High Concentration Of Underwriters - Difficulty In Switching Providers 3. Economic Trends - Market Position - How Robust Is The Market? - Market Size, Segmentation & Forecasts - Market Size & Segmentation - Dogs - Cats - Other Pets - Distribution - Claims 4. Forecasts - Future Trends - Future Economic Trends - Forecast Total Market - Market Growth - International Perspective - Overview - Pet Ownership - Europe - The US - Canada - Australia 5. The Global Insurance Market - The UK's Place In The World - The World s Largest Non-Life Markets - The State Of The Non-Life Insurance Market - North America - Western Europe - Advanced Asian Economies - Oceania - Emerging Markets - Overseas Trade - Competitor Analysis 6. Market Leaders - Acromas Holdings Ltd - Ageas Insurance Ltd - Allianz Insurance PLC - Aviva PLC - Cardif Pinnacle Insurance Holdings PLC - Direct Line Insurance Group PLC - Liverpool Victoria Insurance Company Ltd - Rsa Insurance Group PLC - The National Farmers Union Mutual Insurance Society Ltd - Other Companies - Agria Pet Insurance Ltd - Animal Friends Insurance Services Ltd - Brooks Braithwaite (Sussex) Ltd - Equine And Livestock Insurance Company Ltd (The)

4 - Healthy Pets Ltd - Markerstudy Holdings Ltd - NCI Insurance Services Ltd - PDSA Pet Insurance - Pet Protect Ltd - Pets At Home Group PLC - Red Sands Insurance Company (Europe) Ltd - Thistle Insurance Services Ltd - Ultimate Hc Ltd - Price Comparison Websites - Comparethemarket.Com - Confused.Com - Gocompare.Com Ltd - Moneysupermarket.Com Group PLC - Uswitch Ltd 7. Number Of Companies - Non-Life Insurers - Veterinary Activities - Marketing Activity - Pet Insurance - Price Comparison Websites - Key Trade Associations - Buying Behaviour - Consumer Penetration - Pet Ownership - Pet Insurance - Consumer Dynamics - General Insurance Products - Pet Insurance 8. Strengths, Weaknesses, Opportunities & Threats - Strengths - Weaknesses - Opportunities - Threats 9. PESTEL - Political - Insurance Premium Tax - Economic - Economic Trends - The Recession And Pet Abandonment - Social - Self-Insurance - Increase In Home Egg Production - Fraud - Fat Pets - Technological - Antibiotic Resistance - Advanced Treatments - Price Comparison Websites - Environmental - Legislative - Dangerous Dogs Act - Microchipping Of Dogs (England) Regulations Animal Welfare Legislation - Pet Passports - Solvency - Insurance Act Consumer Insurance (Disclosure And Representations) Act Company Profiles - League Tables

5 10. Further Sources - Associations - Publications - General Sources - Government Publications - Other Sources - Understanding Consumer Survey Data - Number, Profile, Penetration - Social Grade - Standard Region Ordering: Order Online - Order by Fax - using the form below Order by Post - print the order form below and send to Research and Markets, Guinness Centre, Taylors Lane, Dublin 8, Ireland.

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