Pet insurance industry 'continuing to grow'

Thu 17 Apr 2008 - Published in Pet Insurance

There is still a lot of room for growth in the pet insurance industry, it has been claimed.

According to Mark Effenberg, the chief executive at Healthy Pets Insurance, some 20 per cent of all cats and dogs across the UK are now covered with pet insurance, which means there is still room for growth in this sector.

Noting that an increasing number of animals are stolen each year, Mr Effenberg said that as the value of animals increases, the more likely they are to be stolen.

"I think their value has gone up tremendously and when anything becomes valuable it becomes a commodity available for theft," he said, adding that it is certain breeds of animal that are more likely to be stolen, as more valuable breeds have a good resale value.

A report released earlier this month by Sainsbury's Bank suggested that more than one million people across the country believe their pet cat or dog has been stolen or got lost within the last five years.

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