Pet insurance – A growth opportunity
Several insurers have been testing the water in this sector, which is expected to reach £1.1billion by 2019 (Timetric). May 2016 saw the launch of a new price comparison site focused purely on pet insurance, enabling insurers and distributors to promote their products in a pet specialist environment.
The provision of pet insurance, however, does not come without its risks. The costs faced by insurers are high. According to figures published by the ABI in March 2016, pet insurers paid out a record £657 million in claims in 2015 – the equivalent of £1.8 million every day - to help the UK’s pet owners cope with the unexpected costs of owning their pet.
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