Award-winning pet insurance provider, The Insurance Emporium, has released data on global insurance adoption rates, revealing that Sweden leads with 80% of pets insured, followed by the UK at 30%, and Italy at 29%.
This statistic underscores the growing recognition of pets as cherished family members and the importance of ensuring their well-being.
Commenting on the findings, Francis Martin, CEO of The Insurance Emporium, highlighted the significance of insurance, stating, “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.”
He added, “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.”
Pet Insurance in History
Sweden pioneered pet insurance in 1924, setting the precedent for prioritising pet health, with the UK following suit in 1947. In contrast, the United States saw its first insurance policy for pets sold in 1982, with children’s television icon Lassie being the inaugural recipient. Martin emphasised the importance of research in selecting the right insurance policy tailored to individual needs, covering accidents and illnesses that may result in hefty veterinary fees.
Despite the surge in pet ownership during the Covid-19 pandemic, the recent cost-of-living crisis has led to an increase in animal abandonment rates since 2020 in England & Wales. Therefore, prospective pet owners must grasp the financial implications of pet ownership beforehand.
The Insurance Emporium’s data on the ‘Most (and least) affordable dog breeds 2024’ highlights the Dachshund (Miniature Smooth Hair) as incurring the highest value claims for common conditions/illnesses. This underscores the importance of appropriate pet insurance cover to mitigate potential financial burdens for owners of the breed.
