The vast majority of British pets are uninsured and at risk of costing their owners thousands of pounds, according to the Association of British Insurers.
Up to 67 per cent of dogs and 84 per cent of cats – a total of 8.2 million pets – are not insured. With treatment costs continuing to rise, insurance is becoming a necessity rather than a luxury. the ABI cites a case in 2017 where it cost £10,000 to treat a dog’s broken bone, while the average cost for surgery is £1,500.
According to UK Pet Insurance: Market Dynamics and Opportunities 2017, a report published by the digital media company GlobalData, the pet insurance sector is taking off both in terms of gross written premiums and in the development and application of insurtech.