More pets are insured in the UK than ever before, the Association of British Insurers (ABI) has revealed.
Nearly 4.3 million pets were protected in 2018, leading to insurers paying out a record £785 million to cover claims.
The average claim climbed by £36 to £793, while average premiums were down slightly for the first time in eight years at £279 compared to £281 in 2017.
Over the past 10 years, the average claim has increased by 75%, while the average premium has only increased by 50%.
The ABI has spotted a trend of under-insurance among cat owners. Only 1.3 million felines are insured compared to 2.8 million dogs, despite there being an estimated 7.5 million in UK households.
Commenting on the figures, the ABI’s senior policy adviser for pet insurance, Joe Ahern, said: “There is no NHS for animals, so if you’ve not got a pet policy in place—you risk having to foot veterinary bills out of your own pocket. These can often be in the thousands of pounds and vet treatment is only getting more expensive, not less.”
“It’s promising to see the average premium coming down regardless of this trend and I’m pleased to see our members paying out more than ever before to protect the wellbeing of pets across the country.”