Sporting animals insurance

For more on this part of the insurance industry:

1. visit our animals insurance page for a look at all products in this sector
2. or focus in on all of the sporting animals insurance products available on IB Markets!

What is sporting animals insurance? 

Sporting animals insurance provides coverage for animals involved in competitive events, such as:  

• horses in racing 
• dogs in agility trials 
• camels in racing 

This insurance safeguards against risks like injury, illness, or loss, ensuring financial protection for owners and stakeholders. In Australia, where animal sports are integral to cultural heritage and the economy, sporting animals insurance is essential. 

The Australian horse racing industry contributes a huge amount to the economy, with the Wide Bay region's racing sector alone earning $50 million in 2022-2023. Events like the Melbourne Cup highlight the importance of insuring sporting animals to protect against potential financial losses.  

The popularity of various animal sports shows the need for comprehensive sporting animals insurance in Australia.  

Sporting animals insurance: industry trends and emerging risks 

The Australian sporting animals insurance industry is undergoing notable shifts due to ethical, regulatory, and environmental factors. Collaborations between global and local institutions are setting new welfare standards for animals in sports. 

Equine insurance trends also reflect growing demands for specialised coverage within the sporting animals insurance sector, particularly for high-value assets like thoroughbreds. With an estimated 30% market share in mortality risk coverage, providers address risks for race-horses, stud farms, and zoos. 

The heightened scrutiny of animal welfare in sports, amplified by incidents like those at the Tokyo Olympics, signals stricter ethical standards and oversight. Brokers and stakeholders should proactively adapt to these changes by offering comprehensive policies that prioritise animal welfare. 

Sporting animals insurance FAQs 

Who typically needs sporting animals insurance coverage? 

Insurance for sporting animals is essential for individuals and organisations managing or involved with animal-based sports. Key stakeholders include: 

• racehorse owners: protect their high-value assets against mortality, injury, or theft 
• breeders and trainers: cover threats associated with breeding, raising, and training sporting animals 
• event organisers: mitigate liabilities during competitions or exhibitions 
• zoos and wildlife parks: insure animals used in performances or demonstrations 
• sports clubs and hobbyists: protect investments and secure animals participating in local competitions or trials 
• corporate sponsors: ensure financial security for sponsored events or teams 

What is one sport that uses animals? 

Horse racing is a prominent example, featuring events like the Melbourne Cup, which is at the heart of Australia's cultural and economic scene. Other popular sports include dog agility trials and camel racing in specific regions. 

What are common sporting animals insurance coverage options?  

Sporting animals insurance provides several coverage options to protect against hazards in animal sports. Common options include: 

• mortality coverage: pays if the animal dies from illness or injury 
• theft protection: covers financial loss if the animal is stolen 
• veterinary expenses: reimburses medical costs for treatment 
• public liability insurance: protects against legal claims for injuries or damages caused by the animal 
• loss of use coverage: supports owners if the animal can no longer compete 

These options help reduce financial risks and provide peace of mind for those involved in animal sports. 

How does sporting animals insurance help protect clients? 

Sporting animals insurance helps protect owners from losing money if their animals are injured, get sick, or have accidents. It covers costs like vet bills, theft, and liability. 

In Australia, a racehorse owner used their insurance to pay large vet bills after their horse was hurt at an event. This saved them from financial stress and ensured the horse got the care it needed. 

This example shows how sporting animals insurance can reduce unexpected costs and support the health of sporting animals. 

Which animal is used in sports? 

Various animals participate in sports globally. Notable examples include: 

• horses: prominent in equestrian events such as racing, show jumping, dressage, and polo 
• dogs: engage in agility trials, racing, hunting, and sledding competitions 
• camels: featured in racing events, particularly in Middle Eastern regions 
• bulls: central to bullfighting and rodeo events in various cultures 
• pigeons: participate in racing and homing competitions 

Each sport reflects cultural traditions and showcases the bond between humans and animals. However, under the Prevention of Cruelty to Animals Act 1979 in Australia, any animal sport involving cruelty or exploitation is prohibited. This law guarantees ethical treatment of animals. 

What animals are in the Olympics? 

In the Olympics, horses are the primary animals involved, participating in equestrian events like dressage, show jumping, and eventing. Strict guidelines prioritise animal welfare and emphasise the importance of sporting animals insurance to protect these valuable participants.