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Blog: How digital can help the pet insurance sector reach its full potential

MARK COLONNESE | May 22, 2019 | 176 views

Research by the Association of British Insurers has confirmed pet insurance pay-outs hit a record-high of £785m in the UK in 2018. Despite the number of individual claims falling, the size of an average claim rose. This is not a one off. The 2018 increase in claim size was 5% on the previous year, meaning the average size of a pet insurance claim is now £793. The ABI research suggests that the higher costs associated with pet insurance claims are driven by the increasingly sophisticated medical procedures now available for animals. Vets can achieve much more today than they could a decade ago, but it is interesting how the cost of the average pet insurance claim has grown by 75% in that time. Is this due entirely to medical advances?

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