Pet Insurance Mon, Sep 29, 2024
Pet insurance sales hit record numbers
The last decade has seen the emergence of a new and popular sub-sector of the insurance industry – pet insurance. The sector has grown from literally a standing start a decade ago to over £440 million in premiums in 2007 alone, with forecasts indicating substantial growth still left in the sector. So why has pet insurance suddenly taken off? What are the reasons behind this sudden increase in popularity?
There appear to be two main factors which have fuelled the growth of the pet insurance market which are :-
Competition
As competition has increased with sites that compare pet insurance, not only have prices fallen but the sector has also become much more visible to the pet owning public. Seeing that they are able to ensure the best treatment for their pets in the event of an accident has literally allowed many thousands to sleep easy at night.
Cost of pet care
While it would be wrong to claim the increase in pet insurance policy numbers is all down to the cost of treatment increasing, it is a vital element of the growth in popularity. It can quite literally cost more to treat an animal than it can a human being and many pet owners are finding this out to their shock and horror!
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