Gross written premiums for pet insurance in the UK rose by more than 7% last year, reaching a record of £1bn ($1.3bn), according to GlobalData, with the number of policy holders increasing to 3.4 million. The increase has been helped by aggregation websites, which make it easier for pet owners to choose policies. Technology such as PitPat, a fitness tracker for pets, is being used to assist in the underwriting of pet-focused policies. “Solutions are needed, and for the short to medium term the response looks to be utilisation of co-insurance.” But there are concerns that insurers will be tempted to raise prices if they can get away with it.
Gross written premiums for pet insurance in the UK rose by more than 7% last year, reaching a record of £1bn ($1.3bn), according to GlobalData, with the number of policy holders increasing to 3.4 million. The increase has been helped by aggregation websites, which make it easier for pet owners to choose policies. Technology such as PitPat, a fitness tracker for pets, is being used to assist in the underwriting of pet-focused policies. But there are concerns that insurers will be tempted to raise prices if they can get away with it.