Financial services review site, Smart Money People has forecast an 11% net increase in the pet insurance market over the coming year after commissioning research from Consumer Intelligence. It said the rise will be driven by a combination of people increasing their existing level of cover and those taking out a policy for the first time.

Jacqueline Dewey, CEO of Smart Money People, said: “Lockdown inspired many animal lovers to adopt puppies and dogs… But as pets start to get older, many owners will face higher veterinary bills, especially those predisposed to hereditary conditions.

“Our latest Insurance Uptake Score study found that pet insurance will see a net increase of 11% in the coming year, as people plan to either take out or increase their levels of pet insurance, emphasising that many people consider insurance an essential part of pet ownership.”