Record number of UK pet owners secure insurance for their pets

With 2023 seeing the highest premiums and claims in history, pet insurance is becoming increasingly essential for managing the rising costs of vet care. 

The number of pet owners in the UK taking out insurance to protect their pets has surged to a record high, according to recent data from the Association of British Insurers (ABI).  

In 2023, the total number of insured pets reached 4.4 million, marking a significant rise of 1.7 million more pets covered compared to a decade ago.  

The latest figures also reveal that payouts for pet insurance exceeded £1 billion for the second year in a row, with insurers processing thousands of claims every day. This growing trend highlights the vital role pet insurance plays in helping owners manage the costs of veterinary care for their furry companions. 

Soaring pet insurance claims and costs 

Throughout 2023, the ABI recorded 1.8 million pet insurance claims, a 32% increase from the previous year. This surge marked the highest number of claims since the ABI began collecting data in 2007. On average, insurers dealt with 4,730 claims each day—an increase of over 1,160 daily claims compared to 2022.  

The total value of claims reached a record £1.2 billion, translating to £3.2 million paid out each day to cover treatments for ill or injured pets. The average claim for treatment was £668, nearly 50% higher than the typical policy cost of £389.  

Rising costs and financial protection 

With the cost of living continuing to rise, pet insurance offers a vital safety net for owners, helping to manage unexpected veterinary bills.  

The expenses for treating common conditions in pets can quickly add up. For instance, surgery to treat a cruciate ligament rupture in a dog often ranges from £3,000 to £5,000, while correcting patella luxation—a common knee problem in both dogs and cats—can cost between £2,000 and £4,000. Additionally, managing diabetes in a cat or dog typically carries a price tag of around £1,300. 

Jonathan Purvis, senior policy adviser for general insurance at the ABI, emphasised the importance of pet insurance, stating, “It’s encouraging to see record numbers of pet owners all over the UK take out insurance to help cover the cost of veterinary treatment.” 

 “Those without cover could find themselves in a tricky position should their furry friends fall ‘pawly’, so we’d suggest that everyone considers the financial safety net that pet insurance offers,” he added. 

Image: Canva 

Josie Miller Josie is an editor for Claims Media. She welcomes feedback, comments, and opinion at josie.miller@barkerbrooks.co.uk