A study of the local scenario on pet insurance cover

Abstract

This study was carried out to investigate the awareness and perception of local pet owners in relation to pet insurance. Additionally, the researcher intended to provide the general public with a better understanding of the different levels of pet insurance cover available in Malta. The achieve this, the author started by analysing the literature available on pet insurance. Subsequently, both a quantitative and qualitative approach were taken. The quantitative approach was taken by distributing online questionnaires to obtain information on the awareness and perception of pet insurance amongst pet owners in Malta. The qualitative approach was taken by carrying out interviews with insurers to gather information on pet insurance products currently offered locally, as well as on any plans for new products. As a result of this study, it was established that there is limited awareness on pet insurance products in Malta. However, overall, pet owners seemed to have a positive attitude towards it and many of them would consider purchasing such products. Price was found to be the most important factor considered when purchasing pet insurance products. The questionnaire’s open-ended question and the interviews provided information on several aspects of pet insurance in Malta. Through the thematic analysis process, this information was grouped into the following themes: multiple pets, high risk breeds, pet age, claims payment, more awareness, local veterinary costs, cover, premium, introduction and uptake of pet insurance products, discouraging factors and future objectives. It was concluded that this study succeeded in providing a better overview of the pet insurance market in Malta. In addition, more awareness on local pet insurance products was provided to the general public. Therefore, this may encourage pet owners to purchase pet insurance products and in turn, insurers may be more motived to offer them. Moreover, insurers who already offer these products may be encouraged to improve them and promote them further.