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.
