Insurance and credit information provider CRIF has said that more than a third (39%) of UK pet owners say their pet insurance costs are as high as they have ever been. It said rate rises had affected policyholders across Europe, although only 15% of those on the continent felt rates were as high as they had ever been. CRIF said UK insurers could do more to personalise pricing.

Sara Costantini, regional director for the UK and Ireland at CRIF, said: “The UK has always been a country of animal lovers and with the number of pet owners only continuing to rise, a knock-on increase in the price of pet insurance policies has led to increased financial pressure for many Brits.”

She urged the pet insurance sector to do more to improve its ability to quantify individual risks and calculate more personalised premiums.

She added: “Pet insurers should do more to ensure their policies deliver value. Unlike other areas of insurance, the pet sector seems less sophisticated in areas like data analytics and the range of sources it draws on. Innovative solutions could streamline important processes, such as fraud detection, and pricing.

“Greater investment in these areas can help pet insurers to offer more personalised and competitive products, meet the needs of British pet owners, and improve customer satisfaction without compromising profitability.”