Research reveals Brits spend an astonishing £55.75 bilion on pets every year
Known as a nation of animal lovers, the price of pet ownership across the UK has been unearthed as rolling well into the billions.
Owners spending a reported £2,500 a year on each animal they own.
Inevitably, being a pet parent comes with a price tag and, perhaps unsurprisingly, a new study[1] has uncovered that eight in ten (81%) agree that the expense of owning a pet has increased over the last 12 months. In fact, a quarter (28%) say that costs have increased significantly.
The data has exposed the financial burden British pet owners are facing, with £55.75 billion being revealed as the national average spend per year on pets[2]. That’s £2,500 per pet for; food, toys, bedding, grooming, day care or a dog walker and accessories such as collars and leads, as well as other veterinary expenses including flea and worming treatments.
More than one in ten (15%) of owners have been found to spend up to £1,000 on food and treats alone.
As the cost-of-living crisis continues to deepen, three in five (63%) Brits admit that they will need to go without to ensure that they are able to care for their four-legged friends.
In an effort to discover the impact of rising costs on pet owners, Agria Pet Insurance has commissioned research to explore how much people value pet insurance and the effect the cost-of-living crisis is having on owners being able to hold a policy that is fit-for-purpose.
Over half (53%) of pet owners admit that the cost-of-living crisis has made them reconsider protecting their pet with insurance, in a bid to reduce their outgoings. In fact, one in ten (13%) confess that they do not have a pet insurance policy due to the rise in the cost-of-living.
Vicki Wentworth, Managing Director at Agria Pet Insurance, says: “What is incredibly worrying about the impact the cost-of-living crisis is having on pet owners - and the resulting repercussions on pet insurance choices - is what happens when an unexpected illness or condition arises. The sad fact is that our animal rescue partners are reporting an increase in pets being handed over to them, simply because their owner cannot afford their vet bills.”
“Willow, a 10-year-old retriever protected by us since she was a puppy, is a typical example of unexpected significant cost. She developed epilepsy when she was just 2 years old, and since then her owner has claimed over £13,000 for treatment. This has enabled her to live a full and happy life, but without insurance in place finding this money would not have been easy. Every day we see owners faced with unforeseen vet bills for hundreds of pounds that they don’t have to worry about because they have insurance – but without it, finding large sums of money at a moment’s notice can leave owners with very difficult choices to make.”
Ian Atkin, Manager at Oxfordshire Animal Sanctuary - one of Agria’s rescue partners, comments: “We often see animals, particularly dogs, come in to us in their senior years because they haven't had veterinary care in place during their lives. Like people, conditions often worsen with age so something left untreated due to lack of insurance when they were younger can often become a bigger issue in old age. It’s devastating for an owner to discover they can no longer afford to give their pet the care they need, leaving their only choice being to take them to a rescue like ours.”
According to the Association of British Insurers (ABI), the average pet insurance claim increased by £31 to £848 in 2021, yet the new data from Agria reveals that the rising cost-of-living has encouraged three in five (61%) pet owners to ‘shop around’ when their pet insurance is due for renewal - with almost half (44%) admitting they are unaware of the benefits of lifetime cover.
Vicki says: “Unlike other types of insurance, unless your pet has never been ill, we would not recommend ‘shopping around’. Switching to a new policy or provider will often result in your pet no longer being covered by insurance for anything that happened prior to the new policy starting – so always be very mindful of that when considering your options.”
“Our pets really are like members of the family, that’s why Agria is built on truly safeguarding the bond we share with our four-legged friends throughout their lifetimes. We’re committed to helping pet owners through tough times with the certainty that we’ll be there for them and their pet when they need us most.”
To learn more about lifetime pet insurance from Agria, visit: www.agriapet.co.uk.
ENDS
Media Enquiries:
The Lucre Group
Agria@lucre.co.uk
References:
1Study with 1,000 pet owners around the UK, completed in November 2022.
2Calculation based upon Agria’s study identifying £2,500 as being the average spend per pet, multiplied by the small pet population based upon the 2022 PDSA Animal Wellbeing (PAW) Report.
About Agria Pet Insurance
Agria is one of the world’s leading animal insurers, specialising in small animal, equine, and agricultural insurance. Founded in Sweden over 130 years ago, Agria began underwriting policies in the UK in 2009 and is now a prominent part of the UK pet insurance sector.
In the UK, Agria works with over 40,000 vets, breeders and rehoming organisations, providing insurance for cats, dogs, and rabbits. Agria also administers pet insurance schemes for the leading small animal registration bodies, The Kennel Club, and the Governing Council of the Cat Fancy (GCCF).
Agria Pet Insurance Lifetime and Lifetime Plus policies for both dog and cat have been named a Which? Best Buy. Agria Pet Insurance is the UK’s Most Trusted Pet Insurance Provider, Fairer Finance, Spring 2021, one of the UK’s Best Workplaces™ 2020, ranked by Great Places to Work®. Agria was also the winner of Pet Insurance Provider of the Year and Best Claims Service in the Moneyfacts Consumer Awards, two years in a row.
For more information, see www.agriapet.co.uk.
