Forecasts in the UK for slower growth in the pet insurance market have not been detected locally, according to Hollard-owned insurer Petsure.

The company manages a stable of brands embracing the RSPCA, Woolworths, Medibank, BUPA, Pet Insurance Australia and Bow Wow Meow.

GlobalData has lowered the UK pet insurance market’s forecast gross written premium to £1.3 billion ($2.3 billion) by 2023, down from from £1.5 billion ($2.65 billion), saying the reduction is “solely due to COVID-19” as consumers accept greater risk in a bid to save money.

London-based financial services analyst Jazmin Chong says pet insurers face a tough challenge to find claims and customer retention solutions and they “could be left with exacerbated claim numbers in the future”.

The analysis contrasts with comments from PetSure Australia CEO Alexandra Thomas, who told insuranceNEWS.com.au most of the company’s brands have achieved double-digit growth in both policy numbers and GWP in the past six months.

She says sales and customer retention levels are performing several percentage points above last year’s figures.

“There is no evidence that the current pandemic-driven economic downturn has impacted the growth of pet insurance portfolios and associated gross written premium in Australia,” Ms Thomas said.

A “mini-boom” in pet purchases during the pandemic has also corresponded with an increase in the number of Australians wanting pet insurance, she says.