Provider churn could disrupt pet insurance market, says Defaqto
In its new report into the Pet Insurance Market, Defaqto revealed that the rate of provider churn could have a detrimental effect on the market unless adequate arrangements are put in place to protect existing policyholders.
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
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