Over the last 10 years, owners of cats and dogs in the UK have become increasingly likely to insure their pets. But more than half still do not hold insurance. Those least likely to have their pets insured are retired owners, cat owners, and owners with multiple pets. There remains plenty of headroom to expand this market.
A significant motivator for purchasing pet insurance is to overcome concerns around incurring unexpected vet treatments. Younger owners and families are the least able to absorb such unexpected costs, and this helps to explain the uptake of insurance being highest among these groups. There is also higher insurance holding amongst dog owners, which reflects the more expensive treatments for dogs relative to cats.