Record Highs in UK Pet Insurance Payouts Reflect Rising Vet Costs
Record Highs in UK Pet Insurance Payouts Reflect Rising Vet Costs
The number of pet owners securing insurance has also hit a high, with a 3% rise bringing the total to 4.6 million policies. Concurrently, claims surged to 1.8 million, equating to approximately 4900 claims per day, doubling the figures seen a decade ago.
Dogs constitute the largest portion of claims, with £933 million ($1.79 billion) filed, trailed by cats at £232 million ($445 million), and other pets making up £61 million ($117 million). The average cost per claim has modestly increased by 3% to £685 ($1315), revealing the growing financial burden on pet owners as the Office for National Statistics reported a 9.1% inflation in veterinary and related services.
For instance, expenses for treating pets that consume harmful substances like chocolate or raisins have soared to around £4000 ($7680). This highlights the critical importance of comprehensive insurance coverage in safeguarding pet welfare during potentially expensive health emergencies.
According to Jonathan Purvis, a policy adviser at the Association of British Insurers (ABI), these developments underscore a positive trend of pet owners making informed financial choices to protect their pets and themselves amidst rising costs.
This surge in coverage and claims indicates a growing awareness and responsible approach among pet "pawrents," who aim to alleviate stress at critical moments by ensuring financial preparedness against unforeseen veterinary expenses.
Published:Tuesday, 3rd Jun 2025
Source: Paige Estritori
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The time period that must pass after filing a claim before the insurance coverage becomes effective or benefits are paid.