Founded by Sharon Brown, the initiative marks the first time stakeholders from across the sector, including insurers, MGAs, brokers, and regulators, united to tackle shared challenges.
The event focused on ensuring the long-term sustainability of pet and equine insurance. It addressed the sector’s most pressing challenges: rising veterinary fees, the need for greater pricing transparency, the importance of preventative care, and keeping insurance affordable for pet and horse owners.
The event opened with remarks from Catherine Morgan of Howden Insurance Brokers, the event sponsor, followed by panel discussions that encouraged attendees to share expertise and explore solutions.
Brown proposed creating a steering group to lead the establishment of an industry-wide association.
This organisation would unite insurers, vets, and service providers to champion transparency, promote accountability, and prioritise education. The proposed association would also work closely with veterinary organisations and consumer groups to develop practical and sustainable solutions for the sector.
“This think tank represents a turning point in addressing pet and equine insurance sustainability," Brown explained. "By starting to unite voices from across the ecosystem, we’ve taken a critical step towards ensuring that insurance continues to serve its vital role in supporting animal welfare and protecting owners.
"Together, we have the power to make a real difference, and this event has shown that the industry is ready to rise to the challenge."
Analysis carried out for the event by Insurance DataLab quantified some of the challenges facing the sector, with figures from the ABI revealing that the number of claims rose by more than a third (38.5%) over the course of 2023 to 1.8 million at a total cost of £1.2bn.
Complaints about pet insurance have also been on the rise, with more than two-thirds of complaints relating to the claims experience.
The number of complaints referred to the Financial Ombudsman Service (FOS) have risen in each of the last four quarters, reaching 506 in Q2 2024 – the highest level since Insurance DataLab started analysing complaints figures in Q1 2017. With 61% of complaints referred to the FOS about declined claims compared to 29% of complaints across all lines of business, it’s clear that customer understanding of what’s covered in a pet insurance policy is poor.
Insurance DataLab co-founder Dan King added: "The rise in complaints highlights the growing pressures on both insurers and consumers, underscoring the need for improved communication and transparency across the sector, particularly when it comes to handling claims.
"With costs rising for insurers and pet owners alike, getting a handle on the issues facing the industry is more important than ever if we are going to create a sustainable market."
If you would like to support this initiative and stay informed about the PEISN, you can join the discussion on LinkedIn via the PEISN group.
