According to the latest ABI (Association of British Insurers) figures, the cost of claims to pet insurers rose from £420,000 in 2009 to nearly £706 million in 2016, and in line with overall market growth, claims costs and fraud exposure is expected to increase proportionally in the future.
How does the pet insurance market look like?
The figures show that in 2016:
- The number and cost of claims reached record levels: 932,000 pet insurance claims were made. The amount paid out, at £706 million, was up 7% on the previous year’s figure of £657m.
- The average claim was £757- up from £721 in 2015 - a 5% increase.
- Pet insurers dealt with 708,000 claims for dogs, paying out £544m, up 9% from 2015 where insurers paid out £501m. For cats, 193,000 claims were handled, worth £112 million – a rise of 7% from 2015, in which insurers paid out £105m.
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