Recession 'has made pet insurance market stronger'

Pet insurance has become more popular recently as people are wary of excessive vets bills.

Britain's pet insurance market has gradually become stronger throughout the recession as people recognise the dangers of not having cover for their furry friends, an expert believes.

According to Chris Newnham, marketing manager at Animal Friends Insurance, householders are now being much more careful with their money due to the effects of the downturn, meaning they see a pet plan policy as a worthwhile investment.

Mr Newnham explained that annual insurance is regarded as a "fall-back feature" of many animal owners' lives, as it gives them peace of mind in terms of knowing they will have financial support should their pet be involved in an accident.

In addition, the professional said this sector has also benefited from the fact providers are targeting their advertising at price comparison websites.

This comes after research by Sainsbury's highlighted how important a policy can be, as a study found the average lifetime cost of owning a dog is now £16,900.

By Emma North