The Association of British Insurers Says Pet Insurance Gives Peace of Mind

The Association of British Insurers Says Pet Insurance Gives Peace of Mind

Owning a pet can be an extremely fun and rewarding experience for anyone; however, when unexpected problems such as health scares arise, it can cause stress and unforeseen expenses.

Insuring your pet can go a long way towards reducing the stress and financial impact this may cause. *

According to the latest data from the Association of British Insurers (ABI), pet insurance payouts across 2022 reached over £1 billion, making this the highest year on record since data collection began in 2007. This translates to an average of £2.8 million each day being paid out for costs such as veterinary treatment or diagnosis.

This increase is not only indicative of the rising costs associated with owning a pet but also reflects the number of people choosing to insure their pets in order to be better prepared for any unforeseen circumstances.

Overall, 1.3 million claims were notified in 2022, according to the ABI, which translates to a 28% increase from the year prior, with payouts also rising by 17% over the year.

The majority of claims notified were for dogs, which accounted for 75% of all claims made. The next highest was for cats at 20%, with the remaining 5% being made up by all other pets. Of these claims, the most common was for spinal surgery, which can cost anywhere between £8,000 – £10,000 on average, and the most common ongoing claims were for skin conditions and diabetes.
Breaking down the statistics further shows that the overall number of dog claims rose by 35% and cat claims rose by 20%. This may be explained by the overall increase in pet ownership across the UK over the last few years due to cultural and working changes.

However, the average pet insurance premium had only risen by 1% from the previous year. With such a large increase in claims made and payout totals, this is an interesting lack of correlation to observe.

What the above statistics provided by the ABI highlight is the current value of pet insurance when considering both the individual benefits to your pet and the overall benefits when considering the current cost of living situation and the impact that may have on veterinary bills.

Jonathan Purvis, Policy Advisor at the ABI, said, “Pet insurance gives you peace of mind that should an accident or illness happen to your pet, then you will not face a nasty surprise which makes a dog’s dinner of your bank account.”

Peace of mind in any unfortunate circumstance can make a huge impact, especially when your policy is tailored to your pets’ specific needs, potentially turning a stressful or uncomfortable situation into one you have already accounted for.”

It’s easy to get a quote for your pet, just follow this link to see the options available for you or get in touch with one of our friendly team members to help.

*Terms, conditions and excesses apply and may be varied at renewal. Cover is subject to acceptance criteria, policy limits and exclusions may apply. Please consider the policy wording before making a decision to purchase the product.