A file £1.23 billion was paid out in pet insurance coverage claims in 2024, serving to households cowl the price of veterinary remedy for unwell and injured animals, the Affiliation of British Insurers (ABI) has mentioned.
Canines led the pack, making up £933 million in claims, adopted by cats at £232 million, and £61 million for different pets.
The whole for 2024 was 4% greater than 2023 and marks the third yr in a row that whole payouts by ABI members have surpassed £1 billion.
The ABI mentioned members obtained 1.8 million claims final yr – equating to round 4,900 claims per day sometimes.
Its knowledge additionally signifies {that a} file 4.6 million pet homeowners took out insurance coverage – a 3% improve since 2023 and a 3rd (33%) greater than earlier than the coronavirus pandemic in 2019. Many individuals acquired new pets through the coronavirus lockdowns.
The typical declare price is £685, the ABI mentioned, however some prices could be a lot greater.
The worth of remedy for elbow dysplasia, a standard reason behind forelimb lameness in younger, giant and large breed canine, can price over £50,000, the physique mentioned.
The typical price of care wanted when a pet eats one thing they need to not, whether or not it’s meals which is toxic to them or a small family merchandise, is round £4,000, the ABI mentioned.
Jonathan Purvis, senior coverage adviser, common insurance coverage on the ABI mentioned: “You’ll be able to’t pull a rabbit out the hat in relation to paying for veterinary payments, so it’s promising to see extra individuals making wise selections to guard themselves and their pets financially.
“Insurance coverage supplies peace of thoughts that prices might be coated in case your pet is sick or injured.”
