Insurance payouts for pets surpass PS1bn by 2022, as pet owners pay high vet bills

Insurance payouts to pets reached a record in 2022 as insurers paid out over PS1 billion in vet bills as they have risen dramatically, as new statistics show.

There were 1.3 million claimants filed over the course of the period, which is an increase of 28% over 2021, according to the Association of British Insurers (ABI) disclosed.

The dogs comprise the largest portion of insurance claims for pets The next category is cats.

For more costly treatments for spinal surgeries can cost at least PS10,000, and more than that for a femur fractured in an ancestor cat.

The insurance payouts increased by 17 percent over the PS872 million paid out the previous year. The payouts topped PS1 billion. This was a record-breaking amount. This amounts to around PS2.8 million worth of claims that are paid each day.

Insurers are aware that these are difficult financial times for pet owners in general.

Jonathan Purvis, policy adviser at the ABI

The rise is largely due to the cost-intensive vet care, which includes the diagnostic equipment and drugs that can result in more costly insurance claims, the ABI claimed.

The data suggests that more pet owners face higher costs to safeguard their pet in the UK due to the increase in lockdowns and the pet industry and amid rising expenses for living.

The number of claims rose by a quarter in 2021, to 1 million with the payout rising by about quarter of a percent to PS800 million, according to the ABI discovered.

Cats, the total number of claims grew by one fifth, to 269,000. The the payouts increasing by 22% up to PS184 million.

The most frequent ongoing treatments are for the skin and diabetes. Treatment for arthritis in dogs could cost upwards of PS2,000 and owners will face the typical cost of PS1,000 for their cat suffering from diabetes.

Jonathan Purvis, policy adviser general insurance for the ABI The ABI said that: “Pet insurance gives you assurance that should any accident or illness occur to your pet you won’t be faced with the unpleasant shock of the dinner for your dog go to your savings account.

“Insurers recognize that this is difficult financial times for a lot of pet owners.