This blog is about the current status of pet insurance in UK.
The UK’s pet insurance market is worth £2.8 billion and growing at a rate of 20% per year. This makes it one of the most lucrative markets for insurers and a key driver in the growth of the insurance industry as a whole.
What is pet insurance?
Pet insurance can protect your best friend from illness or injury, but also covers things like dental care, boarding fees and more. It can be a valuable investment to make sure your animal has access to veterinary care when needed.
The pet insurance industry has seen a significant increase in the last few years and is expected to grow even more in the future. This is because of the rising number of pets that are being owned by people, with an estimated 4.6 million dogs and 5.7 million cats in England alone.
What all is covered under the pet insurance?
Pet insurance provides financial protection for your cat or dog when they become ill or injured through accidents or illnesses which can be costly if not covered by their owner’s insurance policy. The most popular type of pet insurance policies are those that cover accidental injury and illness but there are also policies that cover specific health risks such as cancer, diabetes, arthritis, etc.
In the UK, pet insurance is a relatively new phenomenon. With more and more people owning pets, the need for pet insurance has increased.The government is looking to introduce a scheme that will cover all pets in the UK by 2022. This would make sure that no one will be left without their beloved pets when they are unable to afford treatment or care due to illness or injury.
What is the need for pet protection insurance?
In the future, we can expect an increase in popularity of pet insurance as it becomes easier to obtain and affordable for everyone. There will also be a new type of insurance that will be offered by a start-up company called Petplan. It will offer individual pet insurance policies to owners who want to protect themselves against unexpected health costs and vet bills that may arise from their pets’ accidental death or injury.
Pet plan’s CEO believes that the future of pet insurance lies in individual policies rather than through the current umbrella policies offered by big insurers like Pets at Home and Vets Now. He believes this will allow for more tailored cover for each individual pet owner and help them save money in the long run.
Pet insurance has become more affordable over time and has been a popular choice for those who want to protect their furry friends.In the UK, people are not required by law to insure their pets but this doesn’t mean that they don’t take out cover themselves. It’s estimated that 8% of households have taken out some form of insurance for their pets with an average premium of £11 per year.
The British Veterinary Association (BVA) predicts that in 2022, it will be the most popular type of insurance product.
Several factors are contributing to this growth in popularity; such as the rise of pet ownership, an ageing population and a shift towards more active lifestyles for people.
Who can avail pet insurance?
Pet insurance is not just for dogs or cats anymore – it’s now available for horses, ferrets and even birds!It also provides financial protection against loss from accidental death or injury to your animal, such as if it gets hit by a car or falls from a height.
Pet insurance will typically cover your costs for diagnosing and treating your pet’s illness or injury, but not the cost for any surgery required during treatment.
