Collaborating For A Sustainable Future In Pet And Equine Insurance

This article covers the first think tank hosted by the Pet and Equine Insurance Sustainability Network (PEISN), founded by Sharon Brown. It brought together stakeholders from across the sector—including insurers, MGAs, brokers, and regulators—for the first time to address shared challenges around sustainability.

The event focused on escalating veterinary fees, poor claims understanding, increasing complaints, and the need for pricing transparency and preventative care. Sharon Brown proposed the formation of a steering group to establish a new industry-wide association that would promote transparency, accountability, and education, working closely with veterinary and consumer groups.

Data presented by Insurance DataLab and the ABI highlighted the scale of the challenge: claims rose by 38.5% in 2023 to 1.8 million, costing £1.2bn, while complaints to the Financial Ombudsman reached record highs. Most complaints involved declined claims, pointing to a gap in customer understanding.

Dan King of Insurance DataLab stressed the need for collaboration to create a sustainable and trusted insurance model.