The Association of British Insurers (ABI) says UK pet insurers paid a record £1 billion ($1.90 billion) in claims last year.   

ABI data shows that insurers paid out over 1.3 million claims, a 28% rise from 2021, with the record figure reflective of rising costs for veterinary treatments.   

About 75% of total claims related to dogs, amounting to £800 million ($1.52 billion), while 20% of claims were reserved for cats and the remaining 5% for other pets.   

Average annual premiums rose by 1% to £327 ($622.45).   

The ABI recommends pet owners who are facing difficulties amidst the ongoing cost of living crisis speak with their insurer about financial options for policy pricing.   

“Pet insurance gives you peace of mind that should an accident or illness happen to your pet; you will not face a nasty surprise that makes a dog’s dinner of your bank account,” ABI General Insurance policy adviser Jonathan Purvis said. 

“Insurers appreciate that these are tough financial times for many pet owners. If you are concerned about being able to afford your pet cover then talk to your insurer to see what options may be available.”