The take-up of expensive medical treatments for pets, as well as the growing popularity of animal health insurance, both demonstrate the high value that people place on the lives of their pets.

Recent research by Monash University investigated the reasons why Australians are prepared to pay out large sums of money for medical care for their family animals, and the study findings also help to explain the growth of the pet insurance industry.

The researchers found that pets are increasingly being treated as members of the family in Australian society. Two groups stood out as having a particularly close relationship with their pets: single-person households, who often depend on a beloved pet for company, and couples who choose not to have children, or are unable to do so, and who direct parental-like attentions to their pets instead.

The researchers predicted on the basis of their results that the amount of money people are prepared to spend on the medical care of a pet will be strongly associated with the level of bonding they have with the animal. In addition, a number of surveys found that the levels of bonding between Australian pet owners and their animals are high: the Australian National People and Pets Survey found that 91% of pet owners feel ‘very close’ to their pet, while 85% of respondents to a Newspoll survey agreed that their pet is part of the family, and 57% said their pet was their best friend.

Other studies have shown that humans gain real physical and psychological benefits from the relationship that they have with their pets. For example research carried out by Melbourne’s Baker Medical Research Institute found that pet owners had lower levels of cholesterol and a lower incidence of risk for cardiovascular disease than people who did not own pets. Pet ownership has also been shown to be associated with increased levels of exercise, a feeling of improved security and good social interaction. By investing in the health of their animal through an affordable pet insurance policy, pet owners are also investing in their own well-being.