UK pet insurers paid out record claims in 2015

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PersonalJuly 27, 2018

UK pet insurers paid out record claims in 2015

UK pet insurers paid out a record amount in claims last year, according to new figures from the Association of British Insurers (ABI).

It was found that pet insurance claims totalled £657m in 2015, the equivalent of £1.8m per day. However, the ABI voiced concerns that despite the fact that cases were up by 9% from the previous year, the majority of pet owners still do not consider pet insurance to be a worthwhile investment, with only one in four dog owners and one in seven cat owners believed to have their pets covered.

Max Shepherd, general insurance manager at the ABI, commented: “The record levels of claims handled by pet insurers highlights that owning a pet can be costly as well as rewarding… The cost of getting quality veterinary care can quickly run into thousands of pounds, particularly with a greater range of medical treatment for pets now available.”

The ABI figures found that the average cost of a claim came in at £720 whilst the average premium was worth £241. Additionally, it was revealed that claims for dogs had risen by 11% from the previous year to 686,000 at a total cost of £501m. Cat insurers saw a 6% increase in cases to 193,000 at a total cost of £105m. There are currently an estimated nine million dog owners and 7.9 million cat owners in the UK.

The ABI also detailed several of the more unusual claims reported by insurers, demonstrating the wide range of circumstances that could lead to a need for pet cover. One cat required medical treatment costing £1,954 after a fall from a fourth-floor window whilst a python was treated for anorexia at a cost of £200 and a polecat had a tumour removed for £333.

 

If you would like more information on pet insurance please give our Knott End office a call on 01253 810630.