Provider churn could disrupt pet insurance market, says Defaqto

Defaqto has identified six companies that have left the market in the last year and nine that have joined, a churn rate of 20%. Unless those pulling out of the market have put in place adequate transition arrangements to ensure that their customers’ pets can remain on cover without having to be re-insured, public confidence in the market could be weakened, said the report.

Underlying the churn rate is the fact that the market remains relatively small in absolute terms with premium income