The UK pet insurance market grew by 6.4% in 2020 to reach a value of £1.3bn, according to a new report from Research And Markets.
The valuation is based on Gross Written Premiums (GWP) in the industry. The number of subscribers increased by 1% in 2020 compared to the previous year, the report adds.
Growth in the sector was driven by the cat insurance market, which experienced a 6.2% increase in the number of subscribers during the year says the report, as well as a general expansion of the UK cat and dog populations. For the insurance industry, 2020 compared favourably to 2019, when the number of subscribers decreased and the cost of claims grew.
Petplan remains the market leader with 27.3% of total GWP, while Bought By Many was the biggest advertising spender despite only accounting for 1.3% of contracts sold in 2020.
The report suggests there is plenty of room for further growth as, in 2020, only 11% of dogs and 22% of cats in the UK were insured.
