Pet Metrics: Consumer Approaches to Pet Insurance in Spain: Industry Research Report

Pet Metrics: Consumer Approaches to Pet Insurance in Spain

Published Date: October 2008

Published By: Finaccord Ltd.

Page Count: 35

Order Code: R3434-158

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0.0 EXECUTIVE SUMMARY: Over a half of Spanish consumers own a pet of one sort or another…; … with dog owners more likely to possess insurance for their pet than owners of other types of pet; Almost a half of uninsured pet owners see the benefit of pet insurance; Most pet insurance policies in Spain are restricted to basic liability cover…; … and are sold through the more traditional insurance distribution systems; Over a half of insured pet owners in Spain buy pet insurance within a month of acquiring the pet itself ..; … and the vast majority are convinced of the importance of the cover that they have purchased; More effective marketing and distribution could boost comprehensive pet insurance in Spain
1.0 INTRODUCTION: Research rationale; Consumer research illustrates the differences between Europe’s five most populous markets…; … helping underwriters and distributors to develop robust strategies for future development; Finaccord; European consumer research; Pet insurance; European market, partnership and bancassurance research; Errors, omissions and limit of liability
2.0 SURVEY ANALYSIS: Introduction; % of respondents owning a cat, dog or other animal; There are more than twice as many dog owners as cat owners in Spain; % of pet owners in possession of insurance for their pet; The vast majority of pet owners lack insurance of any type for their pet; Attitudes towards pet insurance of pet owners without cover; A significant proportion of uninsured pet owners acknowledge the benefits of pet insurance; Risks covered by pet insurance acquired by pet owners; Most pet insurance formulae in Spain are oriented towards basic liability cover; Policies paid for separately and packaging within other insurance policies; Packaged cover within household or personal liability insurance is held most commonly; Distribution interfaces used for stand-alone pet insurance; Stand-alone policies are most frequently acquired in a face-to-face environment…; Distribution channels used for stand-alone pet insurance; … with affinity and partnership distribution channels beginning to make headway; Distribution channels split between online and offline usage; As might be expected, insurers selling pet cover directly are stronger in the offline market; Point in time chosen by pet owners to acquire stand-alone pet insurance; Most pet owners with stand-alone policies buy cover within a month of acquiring their pet; Attitudes towards pet insurance of pet owners with stand-alone cover; A clear majority of pet owners with stand-alone cover seem fully satisfied with their insurance
3.0 APPENDIX: Research sample; The research embraces a total of 1,004 respondents in Spain; Research strengths and weaknesses; The Internet research methodology is characterised by several advantages and drawbacks
GRAPHICS / TABLES: % of respondents in Spain owning a cat, dog or other animal, 2008; % of respondents in Spain owning a cat, dog or other animal segmented by gender, age group and annual household income, 2008 (data); % of pet owners in Spain in possession of insurance for their pet segmented by type of pet owned, 2008; % of pet owners in Spain in possession of insurance for their pet segmented by type of pet owned, 2008 (data); % of pet owners in Spain that have acquired stand-alone pet insurance segmented by gender, age group and annual household income, 2008 (data); % split of attitudes towards pet insurance of pet owners in Spain without cover, 2008; Risk coverage among insured pet owners in Spain, 2008; Risk coverage among all pet owners in Spain, 2008; Segmentation of pet insurance in Spain between policies paid for separately and cover packaged within other forms of insurance, 2008; Distribution interfaces used for stand-alone pet insurance in Spain, 2008; Distribution channels used for stand-alone pet insurance in Spain, 2008; Distribution channels used for stand-alone pet insurance in Spain split between online and offline usage, 2008 (data); Point in time chosen by pet owners in Spain to acquire stand-alone pet insurance, 2008; % split of attitudes towards pet insurance of pet owners in Spain with stand-alone cover, 2008; Sample breakdown in Spain by geographical location; Sample breakdown in Spain by age group, household income band and geographical location

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