Newsletter - Pet Trade Xtra - Issue 22 - Pet insurance premiums set to rise

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Pet insurance premiums set to rise

Pet insurance premiums are set to increase over the next year by up to 12%, leaving many owners concerned about finding the best options for their animals.

Many insurers believe the increase in premiums is due to a rise in veterinary fees, with recent statistics stating that a large proportion of increased costs were results of advances in veterinary technology.

In fact, worrying figures from the Association of British Insurers revealed that the cost of pet insurance claims has risen from £302 million in 2007 to a hefty £436 million in 2011. This reflects a significant increase of 44%.

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