’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,’ says senior policy advisor for general insurance
The number of pet insurance policies taken out by UK consumers reached an all-time high of 4.4m in 2023, according to the latest ABI data.
This represented a rise from 2022’s figure of 4.1m policies and a significant uplift from 10 years ago, when policy numbers were at 2.7m.
Last year’s record number of pet protection policies also saw claims payouts top the £1bn mark for the second consecutive year, reaching £1.2bn, with thousands of individual claims made across the industry every day.
A total of 1.8m pet claims were made in 2023, rising 32% from 2022’s figure to reach the highest number since the ABI began collecting data in 2007.
The value of the average pet claim payout in 2023 was £668, which was almost 50% higher than the cost of an average policy, which stood at £382 inclusive of insurance premium tax.
An encouraging record
Jonathan Purvis, the ABI’s senior policy advisor for general insurance, commented: ”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.
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“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.”
The ABI’s Pet insurance premium tracker collects data based on the price that customers pay for their cover, rather than the price they are quoted.
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