Pet Insurance Still Has Growth Potential

It’s interesting to note the different levels of pet insurance cover across Europe. In most markets pet cover has a relatively low penetration, under 30%, which suggests that the product is either too expensive, or simply seen as a luxury option for many households. Given that woke culture is rapidly gaining ground in developed countries maybe the insurance sector can sell more cover to younger consumers who feel obliged to treat pets as de facto family members. That means basic “human” rights to healthcare surely? The opportunity is there.

Here’s the word;

Award-winning pet insurance provider, The Insurance Emporium, has crunched the numbers on global pet insurance adoption rates. As a result, Sweden has been named the world leader with 80% of pets insured, followed by the UK at 30% and then in third, Italy at 29%. In a world where pets are cherished members of families, the importance of safeguarding their well-being has never been more evident.

Francis Martin, CEO of The Insurance Emporium, commented: “We are a nation amongst many others that are animal lovers and to have the second highest adoption rate of pet insurance in the world only proves how valued our pets really are.”

Sweden was the first country in the world to introduce pet insurance in 1924, covering dogs, leading the way in prioritising the health and happiness of its furry companions. The UK followed closely in its footsteps when pet insurance was introduced in 1947. At the other end of the scale, it wasn’t until 1982 that the first pet insurance policy was sold in the United States to none other than children’s television sensation, Lassie.

Martin continues: “Although many UK pet owners see the value in pet insurance there’s clearly still a way to go with a large percentage of pets in the UK that currently are uninsured. When it comes to choosing pet insurance it’s important to do your research and choose a policy based on what suits both you and your pet’s needs. More often than not a person might want to choose to insure their pet to cover against accidents and illnesses as these are more likely to incur expensive veterinary fees.”

Despite our love for animals and the surge of pet ownership seen throughout the Covid-19 pandemic, the recent cost-of-living crisis has seen animal abandonment rates have been rising since 2020 in England & Wales. Therefore, ahead of taking on a pet, understanding the costs associated with pet ownership is essential.

The Insurance Emporium’s data reveals from its ‘Most (and least) affordable dog breeds 2024’ that the Dachshund (Miniature Smooth Hair) incurred the highest value claims based on the breed’s most common conditions/illnesses. Without appropriate pet insurance cover, this could be a significant outgoing for owners of the breed.