Figures published by the Association of British Insurers (ABI) in April 2019 revealed that, in 2018, more pets were covered than ever before – with nearly 4.3 million UK pets being protected. Cats made up a very small proportion of pets insured despite there being an estimated 7.5 million in UK households.
It is significant to note that over the past ten years, the average pet claim has increased by 75%, whilst the average premium has only increased by 50%.
Whilst the pet insurance market represents growth opportunities for insurers, it is clear that strategies and tools must be in place to ensure and maintain profitable growth.
Would you like to know how insurers can boost their performance and profitably grow their market share?
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