- We have the highest pet insurance rates and the lowest life insurance rates.
- But the cost of insuring our pets is rising due to the increasing cost of veterinary bills.
This is truly a country of animal lovers, and Britons are more likely to take out pet insurance than owners in Europe and the US.
In fact, we are even more likely to insure our pets than ourselves, which demonstrates the great love we feel for our animal companions.
According to findings from credit reporting firm CRIF, almost a quarter (24 per cent) of UK residents have or have had pet insurance, a figure well above the global average of 14 per cent.
The country with the second highest rate of pet insurance was Germany (19 percent), while the lowest of all countries surveyed was France (8 percent).
Stress makes me stressed: the cost of veterinary treatment is driving insurance costs to very high levels
In contrast, Britons are the least likely in Europe and the United States to have life insurance.
Almost a third of UK residents (31 per cent) have or have had life insurance, a figure lower than in all other countries surveyed and well below the global average of 43 per cent.
Citizens of Austria (52 percent) and France (50 percent) were the most likely to have life insurance.
Overall, according to UK pet population data, approximately 57 per cent of UK households (16.2 million) were home to 38 million pets in 2023, up 9 per cent from 2022.
How much does pet insurance cost?
Pet insurance is becoming more and more expensive, and much of the price increase is due to high vet bills, which are also on the rise.
According to consultancy Pearson Ham, pet insurance premiums were 20 percent higher in 2023/24 compared to 2022/23.
CRIF found that the cost of living crisis is affecting owners’ ability to maintain their pet insurance payments.
And two-thirds (65 percent) of Britons said insurance premiums in general are currently too high.
Nearly half (47 percent) of those in the UK with pet insurance say it would be the first type of cover they would need to cut if they could no longer afford their current insurance bill, followed by travel (34 percent), life (13 percent) and health (10 percent).
CRIF said: “The UK is often thought of as a nation of animal lovers and our research is further evidence of this claim.
‘However, pressure on people’s finances and rising premiums have meant many are faced with difficult decisions about covering their pets.
‘Insurers should do everything they can to support homeowners during this difficult time, making sure they take into account as much financial information as possible to potentially reduce costs for low-risk customers.’