The European
pet insurance market looks set for a period of continued growth, according a new study.
Industry analyst Datamonitor has released new findings that suggest that as medical advances are made in veterinary care, the range of cover options provided by
pet insurance firms will increase.
The firm predicts that the UK market will be worth around £600 million by 2011, Reuters reports.
Kelly Ostler-Coyle, a spokeswoman for the Association of British Insurers, said the increase was due to "a combination of how much people value their pets" as well as increased competition.
Veterinarian Lea Liehmann also said that people in the UK are very dedicated to their pets and are willing to "spend time, effort and money" to get them well.
Around 16 per cent of domestic animals in the UK are covered under a
pet insurance policy, Datamonitor reports.
One expert has recently advised UK pet-owners to search around for the most suitable
pet insurance policy for their animals.
"Some companies now offer policies with variable levels of cover, at varying costs," advises veterinary surgeon Pete Wedderburn in the Telegraph.
InsureandGo offers competitive
pet insurance policies to provide cover in the event of sickness or injury.