It doesn’t make the headlines like car or home, but pet insurance is big business. The level of competition, and the number of products available on price comparison websites proves the point. Since December last year, that figure has grown 19% from 143 to 170, which has created an increasingly saturated market.
The pet insurance market consists of four main products, and we can see the growth is driven by just one: lifetime cover. The other classes — accident only, time limited and max benefit — are flat year on year.
One of the drivers of product availability is generally when a new brand launches, it does with multiple products.
Is the pet insurance market competitive, or confusing for consumers? Let us know in the comments.