UK pet insurance on top form

Posted : 25-11-2004

Pet owners could benefit from cheap insurance following a new report suggesting the industry is worth over £200 million and still growing.

Consumers are often deterred from taking out pet insurance by the relatively rare occurrence of serious accidents in a pet's life, despite the large costs when it does happen.

However the findings of the new study suggest that the industry is growing at a fast pace and that could spell cheaper insurance as companies become able to invest more in their services.

Independent market analysts Datamonitor found that the cat and dog market alone was worth £233.6 million in 2003.

It also discovered an increasing range of products and providers.

James Greenwell, the report's author, noted: "Insurers are doing all they can to broaden the appeal of pet insurance as a product, as is evident from the growing number of alternative therapies on offer."

He added: "Given the accessibility of the product and the high cost of vets bills for animals without cover, it is surprising that the take-up is still so low."

He predicted that the area would see a 50 per cent growth in the next few years.
© DeHavilland Information Services plc

The views expressed within the article are entirely those of Adfero Ltd and are not those of BDML Connect Ltd