Pet owners realising importance of insurance

Posted : 16-06-2005

Pet owners are becoming increasingly aware of the need to insure their pets, a new study has found.

Research by Mintel has highlighted a notable rise in the uptake of pet insurance among Britons, who are keen to protect their animals in instances of injury and hereditary disease.

The pet insurance industry will double its value this year, compared to 2000, according to the market analyst's, and pet insurance already represents the second largest sector in the pet market.

Katy Child of Mintel stated that many pet owners are still failing to purchase pet insurance, yet believes this trend will reverse.

"At present the penetration levels of pet insurance are quite low but as it becomes an increasingly high-profile sector within the wider insurance market this will change."

A former president of the Royal College of Veterinary Surgeons, recently warned that vets fees are rising by an annual average of 11 per cent - a trend which pet owners are looking to absorb through insurance.

"Rising vets' fees are an area where consumers are seeking to protect themselves and this is helping to drive the popularity of pet insurance policies," Ms Child added.

The necessity of pet insurance is reflected by the fact that it can cost an average of £1,000 to treat a dog for a broken leg.

Treatments for allergies and hereditary conditions can also be expensive. An allergy test can cost £35, while further treatments can cost anywhere between £60 and £500.

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