Over half of UK pet owners have no insurance
Legal and General (L&G) has announced a new three-year pet partnership with Asda.
The commercial agreement will see L&G offer its pet insurance product range for dogs and cats to Asda’s customers via various distribution channels including telephone, the supermarket’s website and price comparison websites.
It also serves as part of Legal & General’s general insurance wider strategy to offer customers a wide range of pet insurance products across a full range of distribution channels and partnerships, as well as a “significant opportunity for further growth.”
L&G said it has grown its pet business 60% year on year and that the announcement is its “first pet affinity partnership.”
Cheryl Agius, chief executive at L&G’s insurance division, said: “The strength of Asda’s customer base coupled with the broad range of products and digital capabilities from L&G provides a solid foundation to continue to grow Asda’s pet insurance customer base.”
The UK pet insurance sector accounts for more than £1bn gross written premiums with a compound annual rate of 9% over the last 5 years.
Despite this, over half the pet owners in the UK still have no insurance.
Asda Money’s head of insurance Alistair Ball, added: “Legal & General have the necessary expertise to support our customers in their time of need. Our pets are part of the family, so it is vital insurance for them is backed by a name you can trust.”
It has been offering customers pet insurance for over a decade, and it claims to put the customer at the forefront of its decision making.
L&G’s report “Petonomics” which looks at how the market contributes to the wider UK economy found that the typical dog owner spends £198 every year on its pet medical expenses with cat owners paying £97 per year.
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