Statistics from Altmetric.com
THE costs of typical pet insurance policies are rising at above inflation rates, with average increases of 4 per cent for dog owners and 4.8 per cent for cat owners between October last year and April this year.
Figures from the insurance and financial market research agency Consumer Intelligence show that the average cost of a lifetime cover policy for a dog has increased by 4.7 per cent over that period, while the average cost of a maximum benefit policy for a cat has risen by 5.7 per cent.
Matt Mather, client insight executive at Consumer Intelligence, said that there was a simple explanation for the rising cost of policies – ‘As the cost of treatment goes up, so too does the price of insurance.’
Rebecca Hollingsworth, general insurance policy adviser at the Association of British Insurers (ABI), said: ‘It's increasingly common for pets to be offered treatments like chemotherapy if …