As of last year some £657 million was paid out in financial settlements to policyholders with pet insurance plans here in the UK, which when broken down to a daily amount equates to an astonishing figure of £1.8 million recompensed every single day during 2015, according to the Association of British Insurers. Addressing the staggering maths in a little more detail and the ABI discovered that a total of 911,000 individual pet insurance claims were filed during the past calendar year, which itself represented a 9% increase in year-on-year claim stats.
It emerges that the average claim stood at around £721 in 2015, whilst in terms of the average pet insurance premium, that amount was said to be in the region of £241. Examining just what type of animals were accountable for the most claims and it seems our canine companions came out on top in this category, with a reported 686,000 claims received regarding dogs (up by 11% on the previous 12 months), compared to just 193,000 being handled over the same period for cats (a recognised 6% rise). This in turn meant that dog claims cost pet insurance policy providers an approximate £501 million, in contrast with the £105 million taken care of by injured or poorly felines.
As Pet Insurance Claims Numbers Hit Record Number, Significant Amount of UK Pet Owners Fail to Grasp the Importance of Insuring Their Animal to Cover All Eventualities
Describing some of the less run-of-the-mill series of events which led up to our beloved pets being brought before vets and one dog required surgery in the aftermath of consuming a kebab stick, with evidence of another mis-adventurous pooch falling prey to the perils of ingesting a sock. And of course cats aren’t immune from their own mishaps, as testified by the owner of the cat which tumbled from a 4th floor window and lived to tell the tale; albeit after being patched up by their vet and subsequently claiming on their pet insurance plan. But then it wasn’t just animal-loving Brits’ more commonplace creatures who endured numerous visits to the vets last year, as illustrated by the python which was subjected to treatment for an eating disorder; cases of this ilk all of which added to the unprecedented figure.
What might come as a bigger eye-opener to many is the underlying fact that despite these record pet insurance pay-outs being observed by www.bbc.co.uk the majority of dog, cat (and yes, snake) owners still fail to appreciate the importance of arranging a suitable insurance policy for their furry or scaled best friend. The ABI has learnt that only 1 in 4 of the acknowledged 9 million dog owners in Britain are believed to have pet insurance policies in place to counter most eventualities, while just 1 in 7 of the mooted 7.9 million cat owners choose to cover similar bases. Speaking on this subject, the ABI’s General Insurance Manager, Mark Shepherd told the BBC; “The record levels of claims handled by pet insurers highlights that owning a pet can be costly as well as rewarding.”