Pet insurance provides financial protection for costs that may arise when a pet is injured or ill. The insurance primarily covers expenses for veterinary visits.
In 2022, a total of 5.7 billion SEK was paid in premiums for various pet insur-ances. The most common type of pet insurance is for dogs, but a significant portion of the premiums also covers insurances for horses and cats.
Over the past ten years, premium incomes for pet insurances have more than doubled. The overall increase in premium income is most likely due to more insurance contracts being taken out for pets. It could also be a result of in-creased premiums for pet insurance or policyholders choosing to take out more comprehensive and therefore more expensive insurance policies.
The premiums collected by insurance companies are intended to cover both claims settlement costs and expenses such as salaries and premises.
In 2022, insurance companies paid out a total of 4 billion SEK in compensa-tion for costs incurred when insured animals were affected by illness or in-jury. The paid claims amount primarily consist of reimbursements for veteri-nary care. Looking at the entire period since 2013, the paid claims amounts have more than doubled.
