Pet Project: Pet and Equine Challenges

In this article, Sharon Brown, CEO and founder of the Pet and Equine Insurance Association (PEIA), outlines the urgent challenges facing the pet and equine insurance market and the role the new association plays in driving sector-wide reform.

She highlights rising claims costs driven by increasing veterinary fees, corporatisation, and prescription mark-ups. A lack of pricing transparency and growing consumer reliance on insurance for routine care are fuelling unsustainable premium increases. Brown also raises concerns about vulnerable consumers, fraud risks, and the ongoing disconnect between insurers, veterinary professionals, and consumer groups.

The PEIA has been created to tackle these issues through a not-for-profit collaborative platform. Its early priorities include promoting transparency, improving consumer education, preventing fraud, and strengthening trust across the value chain. Committees on regulation, membership, and finance have been established, and the association’s website is due to launch in May as a central resource for members and stakeholders.

The call to action is clear: insurers, brokers, MGAs, and service providers are urged to get involved and help shape a sustainable future for the sector before regulatory intervention becomes unavoidable.

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.