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Pet insurance pays out record sums

Tuesday March 29th 2016

Pet Insurance policyholders are claiming more money than ever before, according to official new figures. Last year saw £657 million paid out - a 9% rise on the year before, the Association of British Insurers (ABI) reports.

This amounts to a daily total of £1.8 million. With 911,000 people claiming on their Pet Insurance - again 9% up on 2014 - this works out at a typical £721 per claim.

The vast majority of these were shelled out on dogs - with a total of £501 million being paid on 686,000 pooches. As much as £105 million was paid back to cat owners across 193,000 claims. A dog which had to have a sock it had eaten removed and a cat which fell four storeys are among the year's stranger Pet Insurance cases, the ABI reports.

Typical pet cover premiums stood at £241 in 2015. The ABI says that the majority of pet keepers are still uninsured, however.

It is estimated that just a quarter of the country's 9 million dog owners have taken out cover on their animals. This reduces to only a seventh of the UK's 7.9 million cat owners.

Copyright Press Association 2016