Record 123bn paid out in pet insurance claims in 2024 says ABI

A record £1.23 billion was paid out in pet insurance claims in 2024, helping households cover the cost of veterinary treatment for unwell and injured animals, the Association of British Insurers (ABI) has said.

Dogs led the pack, making up £933 million in claims, followed by cats at £232 million, and £61 million for other pets.

The total for 2024 was 4% higher than 2023 and marks the third year in a row that total payouts by ABI members have surpassed £1 billion.

The ABI said members received 1.8 million claims last year – equating to around 4,900 claims per day typically.

Its data also indicates that a record 4.6 million pet owners took out insurance – a 3% increase since 2023 and a third (33%) higher than before the coronavirus pandemic in 2019. Many people acquired new pets during the coronavirus lockdowns.

The average claim cost is £685, the ABI said, but some costs can be much higher.

The price of treatment for elbow dysplasia, a common cause of forelimb lameness in young, large and giant breed dogs, can cost over £50,000, the body said.

The average cost of care needed when a pet eats something they should not, whether it is food which is poisonous to them or a small household item, is around £4,000, the ABI said.

Jonathan Purvis, senior policy adviser, general insurance at the ABI said: “You can’t pull a rabbit out the hat when it comes to paying for veterinary bills, so it’s promising to see more people making sensible choices to protect themselves and their pets financially.

“Insurance provides peace of mind that costs will be covered if your pet is ill or injured.”

Published: 24/05/2025 by Radio NewsHub