Pet insurance payouts topped £1 billion in 2022
Insurers paid out the equivalent of £2.8 million a day.
The Association of British Insurers (ABI) has revealed that UK pet insurers paid out more than £1 billion in 2022, breaking the previous record amount of £872 million from 2021.
The record for the number of claims was also broken. A total of 1.3 million claims were notified last year, the highest since the data began to be collected in 2007.
Each day, insurers dealt with the equivalent of 3,600 new claims for cats and dogs.
The growing number of claims may be linked to the boom in pet ownership during the coronavirus lockdowns. An estimated 3.2 million households acquired new pets during the pandemic, according to data from UK Pet Food.
The total amount paid out also reflects the growing cost of veterinary treatment, which like other costs, has risen during the ongoing period of high inflation.
However, the average pet insurance premium rose by just one per cent to £327.
Three quarters of the total claims were for dogs, one fifth for cats and the rest for other pets.
Jonathan Purvis, policy adviser in general insurance 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.
“Insurers appreciate that these are tough financial times for many pet owners. If you are concerned about being able to afford your pet cover then talk to your insurer to see what options may be available.”
FIVP has shared a survey, inviting those working in independent practice to share their views on the CMA's proposed remedies.
