- Claims paid reached the equivalent of £2.8 million a day.
- Every day insurance providers handled the equivalent of 3,600 brand-new claims to treat ill or hurt cats and dogs.
Pet insurance coverage payments have actually topped a record £1 billion in 2022 according to our latest information. This is the greatest on record reported by our members.
This significant boost mainly shows the high cost of veterinary treatment, consisting of drugs and diagnostic equipment, which can lead to more costly claims.
Our information exposes that in 2022:
- An overall of 1.3 million claims were informed, up 28% on 2021 to the greatest given that we began gathering this information back in 2007. Payouts, at £1 billion, increased 17% on the previous year to the greatest on record.
- Three quarters of overall claims informed were for dogs, one-fifth for cats with the rest for other family pets.
- For dogs, the variety of claims leapt 35% on 2021 to 1 million, with payments up 23% to £800 million. For cats, the variety of claims increased 20% to 269,000, with payments up 22% to £184 million.
- The typical family pet insurance coverage premium was £ 327, up partially (1%) on 2021.
Vet treatment can be costly
Treating ill or hurt family pets can be costly. For example:
- Claims for spine surgical treatment are the most typical high worth claims, frequently costing £8,000 – £10,000.
- A fractured thigh for a pedigree cat cost over £8,000. The most typical continuous claims are to treat diabetes and skin problem. Treatment for arthritis in a dog can cost over £2,000; usually, £1,000 to treat diabetes in a cat.
Managing your family pet insurance coverage expenses
With families dealing with greater cost of living expenses, any family pet owner fretted about having the ability to manage their family pet insurance coverage ought to talk to their insurance provider to see what alternatives may be available. For example, it might be possible to increase your policy excess (the part of each claim you need to pay) to decrease your premium.
With a range of family pet insurance plan available, it is necessary to get the very best policy for your requirements. You ought to constantly read your policy, so that you comprehend precisely what you are covered for.
Jonathan Purvis, Policy Adviser, General Insurance at the ABI said:
“Pet insurance coverage provides you assurance that ought to a mishap or health problem take place to your family pet, then you will not deal with a nasty surprise that makes a dog’s supper of your savings 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.”
