Pet insurance is a niche insurance which is systematize to cover the medical expenses if any insured pet become ill or is injured in any accident. Pet insurance cover some policies with the type of animals. Pets are legally regarded to be the property of their owners. In the insurance company the most products cater for the cats and dogs, although there are more policies available for rabbit, horses and others. Mainly, the policies have been split into three categories lifetime policies, mid-level policies, basic-level policies. Moreover, many of the persons believe that pet insurance is a variation of human health insurance whereas the pet insurance is actually a form of property insurance. With the time the pet insurance compensate the owner after the pet has received care and the owner submits a claim to the insurance company. The policy of the pet insurance is depending on the strategies of the company hence, the policies differ with numerous companies which are currently working in the pet insurance industry.
In the earlier time most pet insurance plans did not for preventative care or elective procedures but in the recent trends many companies such as The United Kingdom, Canada and the United States are offering comprehensive coverage such as routine –care coverage. Whereas, many companies are providing limit coverage for the health care of pet which refers pre – existing condition in order to eliminate fraudulent consumers. Some insurers provide options which are not related to pet health, including costs associated with retrieving lost animals. Some British polices for pets include third-party liability insurance such as when a pet such as dog met with a car accident that damages a vehicle, the insurer will have to compensate the damage for which the owner is responsible under the Animals Act 1971. In addition some policies also involve travel cancellation coverage such as if owners must remain with pets who need urgent treatment or are dying.
According to the report analysis, ‘UK PET INSURANCE: MARKET DYNAMICS AND OPPORTUNITIES 2018’ suggests that the UK pet insurance experienced another year of growth in 2017, with total market gross written premiums of GBP1, 190m – an increase of 13.8% compared to 2016. The number of policies also grew considerably by 10.9% to reach 3.76 million. Yet there is still considerable potential for further growth as the majority of pets in the UK remain uninsured. Medical inflation remains one of the main driving forces behind the increase in GWP, with insures passing on the cost of policy holders. The sustainability of premium increases endures as this market’s greatest challenge and treat. Moreover, the dog insurance market represents the largest percentage of the total pet market. With the UK population of cats and dogs estimated to be similar in size, product uptake appears to be lowest in the cat market, while premiums are higher in the dog market. Therefore, the increasing cost of pet healthcare is likely to drive growth within the market. Moreover, the technological development in UK is also play a significant role in this market such wearable devices offer a major opportunity. Hence, the market of UK pet insurance is expected to grow in coming years.
To know more, click on the link below:
Ankur Gupta, Head Marketing & Communications