A record number of pet owners took out insurance to protect their pets last year, reaching an all-time high of 4.4 million, according to the latest data from the Association of British Insurers (ABI).1 This is 1.7 million more people insuring pets when compared to 10 years ago.
During 2023, pet insurance payouts topped the £1 billion mark for the second consecutive year, with insurers helping customers with thousands of new claims every day.
Insurance helps pet owners cover the costs of treatment if their pet falls ill or is injured, and the average claim in 2023 was £668 - nearly 50% higher than the cost of the average policy.
The latest data from the Association of British Insurers reveals:
- A total of 1.8 million claims were notified, an increase of 32% on 2022 to the highest since we started collecting this data back in 2007.
- Of these claims, the equivalent of 4,730 a day were to treat ill or injured cats and dogs. This is 1,160 more claims a day than in 2022.
- Claims incurred stood at £1.2 billion, the highest on record and the equivalent of £3.2 million a day.
- The average premium was £389.2 This is a 4% increase on 2022.3
With households facing higher cost of living bills, pet insurance can play an important role in helping to manage the cost of treatment should your pet need it. For example, claims for surgery to correct a cruciate rupture in a dog often cost between £3,000 and £5,000. While another common knee problem seen in cats and dogs, patella luxation, can cost £2,000 - £4,000 to treat, and the bill for treating a cat or dog with diabetes is typically around £1,300.
Jonathan Purvis, Senior Policy Adviser, General Insurance at the ABI said:
“It’s encouraging to see record numbers of pet owners all over the UK take out insurance to help cover the cost of veterinary treatment.
“Those without cover could find themselves in a tricky position should their furry friends fall ‘pawly’, so we’d suggest that everyone considers the financial safety net that pet insurance offers.
“With a variety of pet insurance policies available, it is important to get the best policy for your needs, not just based on price. You should always read your policy carefully, so that you understand exactly what you are covered for.”
More information on pet insurance is available on our website.
Notes for Editors:
Footnotes
1. The ABI’s Pet Insurance Premium Tracker is the only collection that is based on the price customers pay for their cover rather than what they are quoted (which typically delivers higher averages). More on this in our blog.
2. The average policy price per pet. Some policies will allow multiple pets on the same policy, which may result in a different average premium price.
3. Inclusive of IPT, the average premium per pet in 2022 was £372.