Pet insurance: complex to calculate
IF PET OWNERS think the terms of their pet insurance policies are hard to decipher, spare a thought for the poor underwriters who have to weigh up some very difficult factors when it comes to setting a premium.
Insurers take into account a range of factors when calculating pet insurance premiums, an industry expert has said.
Clare Wheatley, risk and underwriting manager for Allianz's Petplan programme, explained that calculating insurance for animals was carried out in a similar way to health insurance for humans.
‘We take a pet's age, breed and location into account when insuring them,’ she added.
Other weighty factors need to be borne in mind too. ‘We also look at where a pet is located when insuring them. The cost of setting up and running a vet practice can vary greatly across the UK which is something we need to take into account,’ Wheatley pointed out.