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Veterinary Cost Continues to Rise Posing a Great Challenge for Pet Insurers in the UK: Ken Research
Ken Research announced the latest publication on “Pet Insurance in the UK - Key Trends and Opportunities to 2019” which provides a comprehensive analysis of Pet insurance market in the UK defining number of claims, claim value, fraudulent claims,
· A major proportion of insurance claim goes to treating injured or sick Cats and Dogs.
· The UK poise to be one of the leading pet insurance markets in the world supported by rise in pet ownership.
· Lack of awareness for Pet Insurance create high opportunity for the insurers in future
Ken Research announced the latest publication on “Pet Insurance in the UK - Key Trends and Opportunities to 2019” which provides a comprehensive analysis of Pet insurance market in the UK defining number of claims, claim value, fraudulent claims, distribution channels and regulatory structure of the sector. Additionally, report discusses major drivers, country’ economic performance, competition in the Pet insurance market and company profiles of the major players. Present and forecast of the market has also been discussed to highlight the past and expected demand for Pet insurance market in the UK.
According to the Association of British Insurers, there is a high cost involved in the treatment of pet which make insurance claim to reach more than 1.0 million pound. In the past few years vets bills and average cost of insurance has shown dramatic changes with rise in inflation and other supportive economic factors. In the absence of National Health Services for pets the general treatment cost is a burden and in case of serious diseases or accidental cases the cost goes even higher to 5000-10000 pounds.
Despite of low penetration in the UK Pet Insurance market in recent past, future demand is expected to rise with the advent of several new schemes and government policies in support. Pet ownership has witnessed high growth during 2009-2013 which has fostered the demand for pet insurance in the country. Along with rising income level and status of living, keeping a pet has become a fashion symbol which defines the rising demand for pet support facilities such as medical and insurance in the country in near future.
According to the Ken Research report, coverage include market statistics related to the UK pet insurance market has been discussed from 2010-2014 and forecast from 2015-2019 with supportive facts related to number of pets in the country, with special focus on Dogs and Cats, market dynamics, recent deals and news and highlighted major pet insurers in the report. This publication will also help to assess key issues and challenges in the market , According to the Ken Research Report.
