UK pet insurance reaches new highs says Datamonitor
A new report by independent market analyst Datamonitor revealed that the pet insurance market is one of the fastest growing insurance markets in the UK and is set to expand further.
In 2007, GWP grew by almost 17% to an all time high of £440m. Datamonitor forecasted the market will grow a further 58% to attain a value of almost £700m in 2012.
Andrew Haslip, financial services analyst at Datamonitor and author of the report, said: Increased consumer uptake of the product along with premium rate increases to cover high claims inflation has combined to make this one of the fastest growing insurance markets in the UK.”
The key driver behind the premium income growth in 2007 and
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