I noted with interest the seminar held on 8th April at BSAVA Congress between the Association of British Insurers and some leading people from the veterinary profession. It seems there is “trouble at mill”, with insurers expressing considerable concern about the future sustainability of pet insurance in the UK; concern which is consistent with the responses we’ve had so far from Vetpol members to an opinion poll on this very subject, on this site.

If you haven’t contributed yet you’ll find it on the Pet Insurance Discussion forum. So far 17 % of respondents say they are confident about the future sustainability of insurance, whilst nearly three times as many (46%) are concerned about it. One third of respondents say that their business would be slightly to moderately affected if the pet insurance market crashed, whilst 54% say their business would be seriously affected (that makes a total of 87% predicting an adverse affect, were the worst to happen).

And vet practices are right to be concerned. The ABI Pet Insurance Committee has been established to encourage interaction with key industry bodies such as the RCVS and BSAVA. During the seminar they talked openly about the challenges ahead in a market where policy numbers are stabilising whilst numbers and cost of claims costs are rising considerably... and they see the need to work more closely and in collaboration with the profession in addressing these challenges and finding solutions.
With “sustainability” the word on everyone’s lips, break-out sessions were held where participants were divided into groups to discuss the various issues surrounding escalating premiums and come up with possible ways forward. Not surprisingly, one of the suggested next steps was to improve the quality and frequency of communication between the ABI and practices via meetings such as this one, the production of regular electronic newsletters and so on.

Greater openness about increasing prices (policies and vet fees) was also discussed, with it being suggested that openness be a two-way-street between vets and insurers and also to include clients; giving them the reasons why premiums have risen, and in a manner that does not scare them off.

This meeting has to be a good first step in the right direction, since sustainability of pet insurance is of such significance to clients who want to do the best for their pets, for vets who wish to practice best medicine and of course, for the insurers themselves. I look forward to hearing what happens next.....