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UK Pet Insurance market revenue is expected to grow with a CAGR of ∼ 4.8% between 2023F-2027F owing to adoption of advance technology, high veterinary cost and growing At-home diagnostic: Ken Research
UK Pet Insurance market revenue is expected to grow with a CAGR of ∼ 4.8% between 2023F-2027F owing to adoption of advance technology, high veterinary cost and growing At-home diagnostic: Ken Research
PR Newswire
GURUGRAM, India, Feb. 6, 2023
GURUG…
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UK Pet Insurance market revenue is expected to grow with a CAGR of ∼ 4.8% between 2023F-2027F owing to adoption of advance technology, high veterinary cost and growing At-home diagnostic: Ken Research
PR Newswire
GURUGRAM, India, Feb. 6, 2023
GURUGRAM, India, Feb. 6, 2023 /PRNewswire/ -- UK Pet Insurance Market is a moderately fragmented market. The pet insurance market is currently witnessing new entrants that are offering innovative and affordable product. However, the key players in this space are likely to maintain their position in the coming years. For instance, the pet insurance market is largely dominated by a few companies like Many Pets and Petplan, which control a large part of the market, yet in recent years more companies have been coping up and growing themselves such as Petsure, RSPCA, and Napo insurance.
- In Europe, the UK exhibit highest pet insurance penetration. The major key drivers in the region are high cost of veterinary services and willingness of pet owners to buy pet insurance.
- Pet insurance companies are using artificial intelligence and machine learning to predict a pet's health trajectory, as well as providing tools that will improve pet wellness and decrease vet care costs.
- Pet insurance grew rapidly during COVID-19 because a lot of people were staying home and they need companions. So, people started keeping pets and taking pet insurance which fueled the growth in the UK pet insurance market.
High Veterinary Costs: With the prevalence of mental illnesses in humans such as clinical depression, anxiety-related issues, personality disorder, and psychotic disorder the demand for companion animal population is increasing. This increase in companion animal population is expected to lead to an increase in the demand for veterinary healthcare services as the veterinary costs are high due to requirement of veterinary doctors, skilled technicians, and specially designed diagnostic equipment.
So, these costs create a need for pet owners to seek options to reduce their out-of-pocket expenditure on veterinary care by taking insurance, thus fueling growth in UK pet insurance market.
Adoption of New Advance Technology: Embedding advance technologies like Artificial Intelligence (AI) within the underwriting process, as it can compare pet activity data with benchmarks of similar breeds and combines them with rating information from industry sources, such as Verisk, which enables them to accurately price an individual pet at the time of quoting. For claims settling, it can predict an accurate reserve based on the type of illness, or even predict a possible customer churn giving insurers the digital advantage to streamline operations, improve customer experience and reduce cost across both these business functions. It can also automate and improve claims processing and can enhances customer interactions and provides more personalized and accurate information. Furthermore, machine learning also allows software to study behavioral analytics and customer data to make more accurate decisions on whether a claim is genuine or not.
Growing At-home diagnostic: The Covid-19 pandemic has given a boost to the At-home diagnostic solutions, such as telehealth platforms and use of smart pet thermometers. For instance, Mella Pet Care's thermometer takes pets' body temperature and displays the result on pet parents' smart devices while allowing their vet instant access to that data online and prescribe the recommended medicine.
Analysts at Ken Research in their latest publication "UK Pet Insurance Market Outlook to 2027F - Driven by Rising Companion Animal, High veterinary costs and Technology advancement" by Ken Research observed that UK Pet Insurance market is in the growing phase, growing at CAGR of 5.3% between 2017-2022P owning to the increasing companion animal population, adoption of advance technology, rising animal health concerns, high veterinary cost and growing At-home diagnostic. It is expected that UK Pet Insurance market will continue to grow, at a CAGR of 4.8% for the 2022P-2027F forecasted period.
Key Segments Covered:
UK Pet Insurance Market
By Product Type, 2022P & 2027F
- Life Insurance
- Non-Life Insurance
By Insurance Type, 2022P & 2027F
- Cover for Life
- Maximum Benefit
- Accident Only (12 months)
By Mode of Distribution, 2022P & 2027F
- Direct (Online)
- Others (Broker, Agency, Advertisements etc.)
By Age of Animals, 2022p & 2027F
- Below 6
- 6 and Above
To learn more about this report Download a Free Sample Report
By Type of Animal (Premium collected), 2022P & 2027F
- Dog
- Cat
- Others (Rabbit, Horses, Reptile, Birds.)
By Number of Animals, 2022P & 2027F
- Dog
- Cat
- Others (Rabbit and other Exotic pets.)
Key Target Audience
- Private Insurance Providers
- Public Insurance Providers
- Insurance Agency
- Bancassurance
- Brokers
- Direct Sales
- Related Government Agencies
- New Entrants
Visit this Link: Request for custom report
Time Period Captured in the Report:
- Historical Period: 2017-2022P
- Base Year: 2022P
- Forecast Period: 2022P – 2027F
Companies Covered:
- Petplan
- Direct line
- More than
- Agria
- Many Pets
Key Topics Covered in the Report:
- Country Overview of UK
- UK Pet Insurance Market Overview
- Business Cycle and Genesis of UK Pet Insurance Market
- Ecosystem of UK Pet Insurance Market
- End-to-end process of UK Pet Insurance
- UK Pet Insurance Market Size, 2017-2027F
- Market Segmentation of UK Pet Insurance Market
- Industry Analysis of UK Pet Insurance Market
- SWOT Analysis of UK Pet Insurance Market
- Porter's Five Forces Analysis
- Growth Drivers of UK Pet Insurance Market
- Challenges in the UK Pet Insurance Market
- Trends and Developments in UK Pet Insurance Market
- Impact of Covid in UK Pet Insurance Market
- End User Analysis
- Cross Comparison of Major Players in UK Pet Insurance Market (Inception, Ownership, Presence, Headquarter, Number of Employees, No. of Subscribers, Awards & Certificates, Partners, Parent Company, Market Share, Claims Processed, Technology, Future plans, Recent Development, strategic initiatives)
- Future Outlook of UK Pet Insurance Market
- Analyst Recommendation
For more insights on the market intelligence, refer to below link:
Related Reports By Ken Research:
According to Ken Research estimates, the Spain Pet Insurance Market – which grew from approximately EUR ~24 Mn in 2017 to approximately EUR ~88 Mn in 2022 – is forecasted to grow further into EUR ~150 Mn opportunity by 2027F in terms of gross written premium, owing to the New Government Policies, Growth in Adoption of Pets and Entry of New Players in the Market. In 2019, Spanish households spent 3,721 million euros on products and services for pets. The number of dogs and cats living in Spain already exceeds 20 million. Spaniards spend an average of 1,260 euros a year on their pets in 2019, 7.3% more than 2 years ago. That is, €823 in food, €353 in veterinary expenses and €83 in accessories and toys.
According to Ken Research estimates, the Sweden Pet Insurance which grew at a CAGR of 9.2% from 2017-2022 & is forecasted to grow at a CAGR of 8.6% from 2023-2027F owing to increasing pet adoption, high veterinary costs, rising pet health issues and awareness among pet owners. High insurance penetration rates, growing pet humanization, sophisticated product offerings by players involved are the major trends and developments in Sweden Pet Insurance Market. Approximately 15% and 21% of the households own at least one dog or one cat respectively in Sweden basis the data reported by European Pet Food Industry Federation.
GWP collection stood at $12Bn, majorly led by growth in non-life insurance products of Health and Motor. Insurance of Persons and Fund Accumulation contributed 28% to total GWP collection. While UAE is ahead among the peer GCC countries in terms of insurance penetration of 2.9%, it still lags behind the average insurance penetration of emerging countries which stands at 3.2% and Global average of 6.1%. Mandatory insurance requirements of Motor across UAE coupled with Health Insurance in Abu Dhabi and Dubai has contributed to raising awareness among people to protect their risks.
Insurance GWP collection of India reached USD 97.4 Billion in FY'2019, taking the insurance penetration to 3.7%, lagging behind most of the emerging Asian Economies wit h around 5.6% of penetration. The growth is majorly led by non-life insurance products including Motor and Health owing to initiatives led by government in terms of amending Motor Vehicles Act, 2019 and rising awareness among population for covering the unforeseen risks. Introduction of Web Aggregator Platforms have fostered the need for comparison of different products at a single place, helping customers in making an informed choice. During FY'2019, aggregator firms contributed less than 1% to total GWP collection in India, depicting high growth over past few years yet potential for more to meet European standards.
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Uncategorized
February Employment Situation
By Paul Gomme and Peter Rupert The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000…
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By Paul Gomme and Peter Rupert
The establishment data from the BLS showed a 275,000 increase in payroll employment for February, outpacing the 230,000 average over the previous 12 months. The payroll data for January and December were revised down by a total of 167,000. The private sector added 223,000 new jobs, the largest gain since May of last year.
Temporary help services employment continues a steep decline after a sharp post-pandemic rise.
Average hours of work increased from 34.2 to 34.3. The increase, along with the 223,000 private employment increase led to a hefty increase in total hours of 5.6% at an annualized rate, also the largest increase since May of last year.
The establishment report, once again, beat “expectations;” the WSJ survey of economists was 198,000. Other than the downward revisions, mentioned above, another bit of negative news was a smallish increase in wage growth, from $34.52 to $34.57.
The household survey shows that the labor force increased 150,000, a drop in employment of 184,000 and an increase in the number of unemployed persons of 334,000. The labor force participation rate held steady at 62.5, the employment to population ratio decreased from 60.2 to 60.1 and the unemployment rate increased from 3.66 to 3.86. Remember that the unemployment rate is the number of unemployed relative to the labor force (the number employed plus the number unemployed). Consequently, the unemployment rate can go up if the number of unemployed rises holding fixed the labor force, or if the labor force shrinks holding the number unemployed unchanged. An increase in the unemployment rate is not necessarily a bad thing: it may reflect a strong labor market drawing “marginally attached” individuals from outside the labor force. Indeed, there was a 96,000 decline in those workers.
Earlier in the week, the BLS announced JOLTS (Job Openings and Labor Turnover Survey) data for January. There isn’t much to report here as the job openings changed little at 8.9 million, the number of hires and total separations were little changed at 5.7 million and 5.3 million, respectively.
As has been the case for the last couple of years, the number of job openings remains higher than the number of unemployed persons.
Also earlier in the week the BLS announced that productivity increased 3.2% in the 4th quarter with output rising 3.5% and hours of work rising 0.3%.
The bottom line is that the labor market continues its surprisingly (to some) strong performance, once again proving stronger than many had expected. This strength makes it difficult to justify any interest rate cuts soon, particularly given the recent inflation spike.
unemployment pandemic unemploymentUncategorized
Mortgage rates fall as labor market normalizes
Jobless claims show an expanding economy. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
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Everyone was waiting to see if this week’s jobs report would send mortgage rates higher, which is what happened last month. Instead, the 10-year yield had a muted response after the headline number beat estimates, but we have negative job revisions from previous months. The Federal Reserve’s fear of wage growth spiraling out of control hasn’t materialized for over two years now and the unemployment rate ticked up to 3.9%. For now, we can say the labor market isn’t tight anymore, but it’s also not breaking.
The key labor data line in this expansion is the weekly jobless claims report. Jobless claims show an expanding economy that has not lost jobs yet. We will only be in a recession once jobless claims exceed 323,000 on a four-week moving average.
From the Fed: In the week ended March 2, initial claims for unemployment insurance benefits were flat, at 217,000. The four-week moving average declined slightly by 750, to 212,250
Below is an explanation of how we got here with the labor market, which all started during COVID-19.
1. I wrote the COVID-19 recovery model on April 7, 2020, and retired it on Dec. 9, 2020. By that time, the upfront recovery phase was done, and I needed to model out when we would get the jobs lost back.
2. Early in the labor market recovery, when we saw weaker job reports, I doubled and tripled down on my assertion that job openings would get to 10 million in this recovery. Job openings rose as high as to 12 million and are currently over 9 million. Even with the massive miss on a job report in May 2021, I didn’t waver.
Currently, the jobs openings, quit percentage and hires data are below pre-COVID-19 levels, which means the labor market isn’t as tight as it once was, and this is why the employment cost index has been slowing data to move along the quits percentage.
3. I wrote that we should get back all the jobs lost to COVID-19 by September of 2022. At the time this would be a speedy labor market recovery, and it happened on schedule, too
Total employment data
4. This is the key one for right now: If COVID-19 hadn’t happened, we would have between 157 million and 159 million jobs today, which would have been in line with the job growth rate in February 2020. Today, we are at 157,808,000. This is important because job growth should be cooling down now. We are more in line with where the labor market should be when averaging 140K-165K monthly. So for now, the fact that we aren’t trending between 140K-165K means we still have a bit more recovery kick left before we get down to those levels.
From BLS: Total nonfarm payroll employment rose by 275,000 in February, and the unemployment rate increased to 3.9 percent, the U.S. Bureau of Labor Statistics reported today. Job gains occurred in health care, in government, in food services and drinking places, in social assistance, and in transportation and warehousing.
Here are the jobs that were created and lost in the previous month:
In this jobs report, the unemployment rate for education levels looks like this:
- Less than a high school diploma: 6.1%
- High school graduate and no college: 4.2%
- Some college or associate degree: 3.1%
- Bachelor’s degree or higher: 2.2%
Today’s report has continued the trend of the labor data beating my expectations, only because I am looking for the jobs data to slow down to a level of 140K-165K, which hasn’t happened yet. I wouldn’t categorize the labor market as being tight anymore because of the quits ratio and the hires data in the job openings report. This also shows itself in the employment cost index as well. These are key data lines for the Fed and the reason we are going to see three rate cuts this year.
recession unemployment covid-19 fed federal reserve mortgage rates recession recovery unemploymentUncategorized
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Inside The Most Ridiculous Jobs Report In History: Record 1.2 Million Immigrant Jobs Added In One Month
Last month we though that the January…
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Last month we though that the January jobs report was the "most ridiculous in recent history" but, boy, were we wrong because this morning the Biden department of goalseeked propaganda (aka BLS) published the February jobs report, and holy crap was that something else. Even Goebbels would blush.
What happened? Let's take a closer look.
On the surface, it was (almost) another blockbuster jobs report, certainly one which nobody expected, or rather just one bank out of 76 expected. Starting at the top, the BLS reported that in February the US unexpectedly added 275K jobs, with just one research analyst (from Dai-Ichi Research) expecting a higher number.
Some context: after last month's record 4-sigma beat, today's print was "only" 3 sigma higher than estimates. Needless to say, two multiple sigma beats in a row used to only happen in the USSR... and now in the US, apparently.
Before we go any further, a quick note on what last month we said was "the most ridiculous jobs report in recent history": it appears the BLS read our comments and decided to stop beclowing itself. It did that by slashing last month's ridiculous print by over a third, and revising what was originally reported as a massive 353K beat to just 229K, a 124K revision, which was the biggest one-month negative revision in two years!
Of course, that does not mean that this month's jobs print won't be revised lower: it will be, and not just that month but every other month until the November election because that's the only tool left in the Biden admin's box: pretend the economic and jobs are strong, then revise them sharply lower the next month, something we pointed out first last summer and which has not failed to disappoint once.
In the past month the Biden department of goalseeking stuff higher before revising it lower, has revised the following data sharply lower:
— zerohedge (@zerohedge) August 30, 2023
- Jobs
- JOLTS
- New Home sales
- Housing Starts and Permits
- Industrial Production
- PCE and core PCE
To be fair, not every aspect of the jobs report was stellar (after all, the BLS had to give it some vague credibility). Take the unemployment rate, after flatlining between 3.4% and 3.8% for two years - and thus denying expectations from Sahm's Rule that a recession may have already started - in February the unemployment rate unexpectedly jumped to 3.9%, the highest since February 2022 (with Black unemployment spiking by 0.3% to 5.6%, an indicator which the Biden admin will quickly slam as widespread economic racism or something).
And then there were average hourly earnings, which after surging 0.6% MoM in January (since revised to 0.5%) and spooking markets that wage growth is so hot, the Fed will have no choice but to delay cuts, in February the number tumbled to just 0.1%, the lowest in two years...
... for one simple reason: last month's average wage surge had nothing to do with actual wages, and everything to do with the BLS estimate of hours worked (which is the denominator in the average wage calculation) which last month tumbled to just 34.1 (we were led to believe) the lowest since the covid pandemic...
... but has since been revised higher while the February print rose even more, to 34.3, hence why the latest average wage data was once again a product not of wages going up, but of how long Americans worked in any weekly period, in this case higher from 34.1 to 34.3, an increase which has a major impact on the average calculation.
While the above data points were examples of some latent weakness in the latest report, perhaps meant to give it a sheen of veracity, it was everything else in the report that was a problem starting with the BLS's latest choice of seasonal adjustments (after last month's wholesale revision), which have gone from merely laughable to full clownshow, as the following comparison between the monthly change in BLS and ADP payrolls shows. The trend is clear: the Biden admin numbers are now clearly rising even as the impartial ADP (which directly logs employment numbers at the company level and is far more accurate), shows an accelerating slowdown.
But it's more than just the Biden admin hanging its "success" on seasonal adjustments: when one digs deeper inside the jobs report, all sorts of ugly things emerge... such as the growing unprecedented divergence between the Establishment (payrolls) survey and much more accurate Household (actual employment) survey. To wit, while in January the BLS claims 275K payrolls were added, the Household survey found that the number of actually employed workers dropped for the third straight month (and 4 in the past 5), this time by 184K (from 161.152K to 160.968K).
This means that while the Payrolls series hits new all time highs every month since December 2020 (when according to the BLS the US had its last month of payrolls losses), the level of Employment has not budged in the past year. Worse, as shown in the chart below, such a gaping divergence has opened between the two series in the past 4 years, that the number of Employed workers would need to soar by 9 million (!) to catch up to what Payrolls claims is the employment situation.
There's more: shifting from a quantitative to a qualitative assessment, reveals just how ugly the composition of "new jobs" has been. Consider this: the BLS reports that in February 2024, the US had 132.9 million full-time jobs and 27.9 million part-time jobs. Well, that's great... until you look back one year and find that in February 2023 the US had 133.2 million full-time jobs, or more than it does one year later! And yes, all the job growth since then has been in part-time jobs, which have increased by 921K since February 2023 (from 27.020 million to 27.941 million).
Here is a summary of the labor composition in the past year: all the new jobs have been part-time jobs!
But wait there's even more, because now that the primary season is over and we enter the heart of election season and political talking points will be thrown around left and right, especially in the context of the immigration crisis created intentionally by the Biden administration which is hoping to import millions of new Democratic voters (maybe the US can hold the presidential election in Honduras or Guatemala, after all it is their citizens that will be illegally casting the key votes in November), what we find is that in February, the number of native-born workers tumbled again, sliding by a massive 560K to just 129.807 million. Add to this the December data, and we get a near-record 2.4 million plunge in native-born workers in just the past 3 months (only the covid crash was worse)!
The offset? A record 1.2 million foreign-born (read immigrants, both legal and illegal but mostly illegal) workers added in February!
Said otherwise, not only has all job creation in the past 6 years has been exclusively for foreign-born workers...
... but there has been zero job-creation for native born workers since June 2018!
This is a huge issue - especially at a time of an illegal alien flood at the southwest border...
... and is about to become a huge political scandal, because once the inevitable recession finally hits, there will be millions of furious unemployed Americans demanding a more accurate explanation for what happened - i.e., the illegal immigration floodgates that were opened by the Biden admin.
Which is also why Biden's handlers will do everything in their power to insure there is no official recession before November... and why after the election is over, all economic hell will finally break loose. Until then, however, expect the jobs numbers to get even more ridiculous.
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