New Pet Insurance Report Launched
12 Aug 2019
Only 46% of pet owners have pet insurance
25% of all consumers own pet insurance, while almost half of consumers own a pet, resulting in just under half of pet owners (46%) owning pet insurance. Insurance ownership is significantly higher if the consumer owns a dog or a pedigree cat, because pedigree breeds traditionally have more health problems compared with their mixed breed counterparts. Owners with mixed breed dogs also show a high level of insurance ownership because dogs in general are the most likely pets to have accidents or get injured in fights. Owners of dogs and cats are the main customer base for pet insurance, especially dog owners: 97% of pet owners with pet insurance own either a dog or a cat.
For most pet insurance policyholders the decision is to switch or stick
For almost nine-in-ten pet insurance policyholders their customer journey decision each year is to switch or renew, in other words, they are not first-time buyers (FTBs) of pet insurance in the market. Three-quarters of policyholders renew their policies each year, with just over one-in-ten switching provider and a similar percentage being FTBs, buying their first pet insurance policy.
Pet owners owning cats and dogs, especially pedigree dogs, are the most likely to switch provider, which is related to the fact that these pet owners are likely to be paying the highest premiums, so have the greatest incentive to switch to save money.
Pet insurance policyholders put cover ahead of price
When selecting a policy to buy, pet insurance policyholders tend to focus more on the cover on offer rather than the price. They also prefer to buy their cover from well-known branded providers.
The Pet Insurance report
This report will examine the motivations, experiences and opinions of the UK pet insurance customer. Pet insurance is designed to cover medical expenses if the insured pet becomes ill or is injured in an accident. Most products cater for cats and dogs, although there are policies available for horses and ponies, rabbits, fish and more exotic pets. This report will identify and analyse consumer attitudes towards pet insurance, look at the claims experience of policyholders, and investigate why they choose one route to purchase over another. In addition, it will explore how price sensitivity is impacting the market. Essentially, the report studies the policyholder’s customer journey from the point where they recognise a requirement to make a purchase to the point when they are a customer and may make a claim and may ultimately decide to switch to another provider.
This report, unlike many other IRN Research Orchard Consumer Research Reports, also includes a small section on Market Size and Trends.
For this report, IRN Research commissioned research from MIS Group’s UK panel. The research was structured so that 2,051 consumers aged 18+ were asked if they owned an insurance policy. This generated 503 individuals who owned a pet insurance policy.
This report (81pp) and the detailed dataset of all survey results with a demographic analysis is available directly from IRN Research, priced at £850 (£1,020 including VAT). Discounts for multiple report purchases, report only, dataset only, or purchases of extracts are available.