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The pet insurance market in the United Kingdom reported a record number of claims in 2017. More than 1 million insurance claims were paid, a figure never reached in the past.
During the previous year, insurers paid 775 million GBP (1.05 billion USD) in compensation. The average cost per claim amounts to 757 GBP (1 021 USD ), which is higher than the average premium paid by the insured. The latter is set at 324 GBP (437 USD ) for dogs and 171 GBP (231 USD) for cats.
The Association of British Insurers (ABI) has estimated that 67% of dogs and 84% of cats are still uninsured . The market has thus a high growth potential.
