Be aware: This text’s statistics come from third-party sources and don’t symbolize the opinions of this web site.
It’s no secret that the price of pet care has been on the rise in recent times. In actual fact, a 2017 report from the American Pet Merchandise Affiliation discovered that Individuals spent over $69 billion on their pets in 2016, and that quantity is simply anticipated to develop within the years to return. So, it’s not shocking that increasingly pet homeowners are trying into pet insurance coverage to assist offset the price of sudden vet payments.
How Many Pet Homeowners within the UK Have Pet Insurance coverage – 11 Statistics
However what number of pet homeowners within the UK even have pet insurance coverage? And what are their causes for doing so? Let’s check out the newest statistics to search out out.
- 62% of UK shoppers personal no less than one pet.
- The pet inhabitants grew by 62.7% for cats and 38.9% for canines in 2020.
- 97% of pets insured within the UK are canines and cats.
- 7 million UK pet homeowners have or have had pet insurance coverage of their lives.
- 39% of cats within the UK are insured.
- 61% of canines within the UK are insured.
- Insurers paid out £872 million in claims in 2021.
- The typical declare paid to pet homeowners with insurance coverage in 2021 was £848.
- 20% of pet insurance coverage patrons plan on switching to a less expensive coverage inside 12 months.
- The pet insurance coverage market skilled a 6.4% enhance in gross written premiums (GWP), reaching a price of £1.3 billion in 2020.
- The variety of subscribers elevated by 1.0% in 2020 in comparison with the earlier yr.
Basic UK Pet Insurance coverage Statistics
1. 62% of UK shoppers personal no less than one pet.
(Statista)
![owner playing with toy poodle dog on green grass](https://petkeen.com/wp-content/uploads/2022/11/owner-playing-with-toy-poodle-dog-on-green-grass_bodnar.photo_shutterstock.jpg)
Canine are the most well-liked pet at 34%, adopted by cats at 28%. For those who don’t personal a pet, you’re truly within the minority.
2. The pet inhabitants grew by 62.7% for cats and 38.9% for canines in 2020.
(Enterprise Wire)
This development within the pet inhabitants is regarded as instantly associated to the COVID-19 pandemic, as folks had been trying to undertake pets for companionship throughout quarantine.
3. 97% of pets insured within the UK are canines and cats.
(Statista)
![a cat and dog lying on the grass outdoors](https://petkeen.com/wp-content/uploads/2022/10/a-cat-and-dog-lying-on-the-grass-outdoors_AndrewS_Unsplash.jpg)
Canine and cats are the simplest pets to insure, and plenty of insurance coverage firms solely cowl canines and cats to start with. Rabbits are the threerd hottest pet within the UK, and plenty of rabbits are coated by pet insurance coverage as effectively.
4. 7 million UK pet homeowners have or have had pet insurance coverage of their lives.
(Affiliation of British Insurers)
This quantity elevated by 4.5% and is the very best quantity since 2017. Moreover, the variety of pets coated by insurance coverage elevated from 4.2 to 4.3 million since 2018.
5. 39% of cats within the UK are insured.
(PDSA Paw Report)
![%image_alt%](https://pangopets.com/wp-content/uploads/2022/11/orange-cat-in-close-up-photography_ValeriaBoltneva_pexels-8820278.jpg)
The primary motive for that is that homeowners say they’re frightened about how they’ll pay for vet payments if their cat falls sick or will get injured. This quantity is up from 34% 2020.
6. 61% of canines within the UK are insured.
(PDSA Paw Report)
This quantity is up from 58% in February 2020. It’s unclear what prompted this enhance, but it surely’s probably as a result of identical motive as with cats: pet homeowners are frightened about paying for vet payments.
Pet Insurance coverage Trade Statistics
7. Insurers paid out £872 million in claims in 2021.
(Affiliation of British Insurers)
![%image_alt%](https://pangopets.com/wp-content/uploads/2022/11/woman-filling-up-pet-insurance-form_Rawpixel.com_Shutterstock-e1658852951896-8984652.jpg)
This marks a rise of 9.2% in comparison with claims that had been paid out in 2020. This matches developments displaying that buying and utilizing pet insurance coverage is growing.
8. The typical declare paid to pet homeowners with insurance coverage in 2021 was £848.
(Statista)
The typical declare quantity paid out to pet homeowners elevated from £817 in 2020 and from £679 in 2014. This statistic exhibits the true enhance of pet homeowners using pet insurance coverage within the UK.
9. 20% of pet insurance coverage patrons plan on switching to a less expensive coverage inside 12 months.
(UK Pet Insurance coverage Market Report)
![%image_alt%](https://pangopets.com/wp-content/uploads/2022/11/pet-insurance-policy_Rawpixel.com_Shutterstock-1836905.jpg)
As premium costs enhance, many shoppers could also be trying to economize by switching to insurance policies that solely cowl costlier conditions comparable to emergencies.
10. The pet insurance coverage market skilled a 6.4% enhance in gross written premiums (GWP), reaching a price of £1.3 billion in 2020.
(Enterprise Wire)
Gross written premiums are the sum of all insurance coverage premiums that an organization could gather by means of an present insurance coverage coverage. This enhance probably coincides with the rise in pet possession.
11. The variety of subscribers elevated by 1.0% in 2020 in comparison with the earlier yr.
(Enterprise Wire)
![%image_alt%](https://pangopets.com/wp-content/uploads/2022/11/pet-insurance-representation_thodonal88_Shutterstock-1558233.jpg)
As pet possession will increase, so will the variety of subscribers to pet insurance coverage. Though this development is small, the quantity is anticipated to proceed to extend by 2025.
FAQ About Pet Insurance coverage within the UK
What Does Pet Insurance coverage Cowl?
The protection you get with pet insurance coverage is determined by the kind of coverage you’ve gotten and the corporate you’re insured with.
Accident solely insurance policies will often cowl:
- Emergency vet visits
- Surgical procedure
- Hospitalization
- X-rays and diagnostic checks
- Prescription medicine
Complete insurance policies will often cowl all the above, plus:
- Persistent situations
- Most cancers remedy
- Genetic problems
- Different therapies like acupuncture and physiotherapy
- Prescription meals and dietary supplements
![a dachshund dog looks sick lying on its owner](https://petkeen.com/wp-content/uploads/2022/07/a-dachshund-dog-looks-sick-lying-on-its-owner_Leka-Sergeeva_Shutterstock.jpg)
What Doesn’t Pet Insurance coverage Cowl?
- Pre-existing situations will not be coated by pet insurance coverage. This implies any situation your pet has been identified with or exhibits signs of earlier than you are taking out a coverage is not going to be coated.
- Routine care can be not often coated by pet insurance coverage. This contains issues like vaccinations, routine check-ups, and enamel cleansing. Some firms do supply optionally available routine care protection for a further premium, nevertheless.
- Moreover, most insurance policies have a ready interval of 14 days or extra earlier than they begin masking accidents or sicknesses. Which means that in case your pet will get sick or injured throughout this time, you’ll have to pay for the remedy your self.
- Lastly, most insurance policies have an annual or per-incident restrict on how a lot they’ll pay out. When you attain this restrict, you’ll have to pay for any extra remedy your self.
Is the Pet Insurance coverage Trade within the UK Anticipated to Develop?
The pet insurance coverage business within the UK is anticipated to develop at a compound annual development charge (CAGR) of 6.3% from 2020 to 2025. Which means that the business is forecast to be price £1.8 billion by 2025.
(Enterprise Wire)
This development is being pushed by quite a lot of components, together with:
- The growing price of veterinary care
- The rising reputation of pet insurance coverage
- The ageing inhabitants of pets
- The introduction of latest services
- The enlargement of the web and cellular units
As the price of veterinary care continues to rise and pet possession turns into extra common, it’s anticipated that increasingly folks will take out pet insurance coverage insurance policies. This may assist to drive the business’s development over the subsequent few years.
How Has COVID Performed a Position in UK Pet Insurance coverage Gross sales?
The COVID-19 pandemic has had a combined impression on the pet insurance coverage business within the UK. On the one hand, the pandemic has led to a rise in pet possession as folks search for companionship throughout lockdown. This has resulted in additional folks taking out pet insurance coverage insurance policies.
Then again, the pandemic has additionally led to a lower within the variety of folks taking their pets to the vet. It’s because many veterinary practices have been compelled to shut or restrict their companies throughout lockdown. Because of this, there was a lower in premium revenue for pet insurance coverage firms.
Wanting ahead, it’s anticipated that the pandemic will proceed to have a combined impression on the pet insurance coverage business. The rise in pet possession is prone to end in extra folks taking out pet insurance coverage insurance policies. Nonetheless, the lower in vet visits is prone to proceed, which is able to restrict premium revenue for insurers.
![%image_alt%](https://pangopets.com/wp-content/uploads/2022/11/vets-examines-a-sick-Corgi-dog_Roman-Zaiets_Shutterstock-5374475.jpg)
How A lot Does Pet Insurance coverage Value within the UK?
The typical price of pet insurance coverage within the UK is £22.50 per thirty days, however this can fluctuate relying on the kind of pet, the extent of protection, and different components.
What Is the Most Standard Sort of Pet Insurance coverage within the UK?
The most well-liked sort of pet insurance coverage within the UK is complete protection, which affords safety for each sudden medical bills and routine care.
What Is the Most Age for Pet Insurance coverage within the UK?
Most pet insurance coverage insurance policies within the UK have a most age restrict of 10 years, however some insurers will supply protection for older pets on a case-by-case foundation.
Conclusion
Pet insurance coverage just isn’t obligatory within the UK, however it’s a good suggestion to have some type of safety in case your pet turns into sick or injured. The typical price of pet insurance coverage within the UK is £22.50 per thirty days, however this can fluctuate relying on the kind of pet, the extent of protection, and different components. The most well-liked sort of pet insurance coverage within the UK is complete protection, which affords safety for each sudden medical bills and routine care. Pet insurance coverage isn’t completely mainstream but, but it surely’s rising as an business, particularly within the UK, and can probably turn into extra widespread as time goes on.
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