Pet insurance study reveals £2.5bn of premium potential
Defaqto has estimated that with 48% of dogs and 69% of cats uninsured in the UK, the pet insurance sector offers providers a potential £2.5bn in untapped premiums.
Data extracted from Defaqto Matrix shows that the average annual cat insurance premium is currently £155.20 while for dog insurance it is £339.11.
As a result, Defaqto has estimated that the potential premiums available to providers for uninsured cats and dogs amounted to over £1.2bn and £1.3bn respectively.
Provider growth
Defaqto's report on the pet insurance market also indicated that the number of pet insurance policies on the market and number of providers operating in the sector had
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