Talk to the animals.
The untapped potential in the pet insurance market is undeniable, although it is not a goldmine. Edmund Tirbutt reports on the measures insurers are taking to increase their market share and help pet owners sleep at night.
The potential market for selling pet insurance is vast - only around10% of the UK's 14 million cats and dogs currently insured. However, we
are not talking about the potential to realise millions - average annual
premiums are around £100 for dogs and £50 for cats and most commission is
10% to 15%.
Stephen Parrott, partner at Stoneways Insurance, says: "Brokers have about
as much chance of making serious money from pet insurance as they have
from growing vegetables in an allotment. The field is so
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