Topic: Association of British Insurers

The Association of British Insurers (ABI) has published new data which showed that pet insurance claims topped a record 1bn in 2022: 3,600 new claims amounting to £2.8m every day.

The Association says that the total cost of claims, which was up 17% on the previous year, largely reflects the cost of veterinary treatment, drugs and diagnostic equipment, resulting in more expensive claims.

Three quarters of the claims were for dogs, and the most common high-value claim was for spinal surgery, costing £8,000 - £10,000.

One fifth of the claims were for cats and the remainder were for other pets. 

Meanwhile, Go.Compare pet insurance has calculated that if all pet owners had been insured, the total cost of claims for veterinary treatment and other emergency fees could have reached over £11bn¹.

Over the same period, the ABI says pet insurance premiums only rose by 1% to £327. 

1. Estimated number of UK pet owners = 34.8m minus 3.1m policies recorded by Financial Conduct Authority = 9.03% insured, who claimed 1bn. If 100% were insured, the figure would equate to 11bn.