Pet insurance : potential market and purchasing intentions of the Maltese market

Abstract

This research was intended to establish whether a market for pet insurance exists in Malta and the attitude that the Maltese market have towards it. The research model used to predict intention was the one based on the theory of planned behaviour, where attitude, perceived behavioural control and subject norm together predict intention that is the immediate predictor of behaviour. This was investigated by the use of 120 questionnaires distributed to a sample of Maltese pet owners. The general findings show that positive attitude and positive subjective norm lead to positive purchasing intention. One other outcome was that perceived behavioural control does not appear to be a relevant factor in pet owners' decision to buy pet insurance and therefore should not be considered by marketers when using their marketing tools to change purchasing intention. The potential Maltese market for pet insurance is that of 17.4% of the population spending an average premium of € 200 each leading to a potential market of € 13,920,000. Insurance firms have an opportunity to enter this segment of the market with appropriate product offerings. Their marketing tools should focus mostly on building and shaping favourable attitude especially by creating awareness and by influencing subjective norm via key influencers in the area such as veterinarians.