New record of pet insurance claims in 2021
In 2021, 1,029,000 claims were notified, 764,000 for dogs, 225,000 for cats and 40,000 for other animals.
The Association of British Insurers (ABI) has announced that UK pet insurers processed a record £872 million in claims in 2021.
A record 1.03 million claims were also handled by insurers in 2021, surpassing the previous 2017 record of 1.02 million claims.
Data from the ABI revealed that pet insurers processed a whopping £2.4 million per day over the course of the year.
An increase was also identified in the number of people purchasing pet insurance, which rose 4.5 per cent to 3.7 million. This is the highest number of purchases since 2017 - unsurprising given that 3.2 million British households got a new pet over the pandemic, according to data from the PFMA.
With the rising cost of veterinary care, the ABI's data has revealed that the average pet insurance claim rose by almost four per cent in 2021, with the average claim value rising from £817 in 2020 to £848 in 2021.
Jonathan Purvis, policy adviser in general insurance at the ABI, addressed pet owners: “Whether they’re curious cats, playful puppies or even a timid tortoise, our pets are members of the family.
“They might offer us a great deal of happiness, but there’s no doubt they can keep us on our toes with their adventurous ways.
“With no NHS for pets, insurers are there to protect you and your furry friend when they get into mishaps or fall ill.
“As the cost of living crisis starts to bite, insurance can give you the peace of mind that, should your pet need medical care, the costs won’t leave you feeling sick as a parrot.”
Reiterating the importance of pet insurance, the ABI revealed recent examples of the average cost of pet care, including feline respiratory conditions (£726), epilepsy in dogs (£3,300), soft tissue sarcoma treatment for cats (over £12,200) and treatment for canine diabetes (over £1,200).
FIVP has shared a survey, inviting those working in independent practice to share their views on the CMA's proposed remedies.
