Horse owners need to feel ‘value’ of insurance as prices hike

A spike in prices for the treatment of ailments in horses provides the insurance industry with the opportunity to show consumers the “value” of equine cover, according to the The Insurance Emporium.

In a statement released yesterday (3 August 2023), the York-based personal lines insurance provider warned that inflation and cost of living pressures had “significantly increased” prices for horse treatment.

According to the firm’s latest data, leg conditions were the most claimed for ailment in 2022, costing on average £724.

The Insurance Emporium also revealed that the most claimed for accident last year was external accident, costing on average £719.

The firm highlighted that accidents and conditions that require veterinary care and treatment can quickly rack up a hefty bill – compared to treating a minor injury or disease – due to the expertise and diagnostic equipment required.

As a result of the high prices, The Insurance Emporium chief executive Francis Martin said that horse owners “will truly feel the value of insurance”.

Other conditions

The issue of high costs was raised to The Insurance Emporium at an equine insurance providers forum with the British Equine Veterinary Association earlier this year (31 January 2023). 

The Insurance Emporium also found that digestive system conditions, such as gastric ulcers, incurred the highest average paid claim in 2022 at £949.

“From our data, gastric ulcers are one of our highest claimed for ailments, with digestive conditions on a whole garnering the highest average claim we paid out in 2022 at £949,” Martin said.

He also warned that the “cost to treat even the least severe of conditions is considerably more than it was only a few years ago”.