Promotional Feature with SEIB Insurance Brokers
Surveys by SEIB Insurance Brokers have found that the significant increase in the cost of living is biting, but that at present people are putting their horses first, while making necessary personal sacrifices.
The pair of nationwide surveys were designed to find out how the cost-of-living crisis and surging interest rates are affecting livery yard owners and their clients. Over 1,400 people took part in the surveys, which asked respondents how much prices are increasing for them and the impact this is having on livery yard businesses and their clients.
It was found that many yard owners are anxious about having to increase their livery fees on the back of surging fuel, maintenance and staffing costs, as they know their already cash-stretched clients cannot afford to pay more.
“At SEIB we pride ourselves on understanding our customers and their needs; we are part of their community,” said SEIB chief executive officer, Suzy Middleton. “Ultimately, we know how crucial the service provided by livery yards is – for horse and yard owners alike. Our team has undertaken this detailed research which reflects both sides of the industry, and we are keen to share and highlight the results with equine welfare and human mental wellbeing firmly in mind.
“We urge people to think hard about ensuring they have insurance in place to cover them should the worst happen. The peace of mind that comes from having reliable insurance cannot be overestimated.”
‘It could have a big impact on mental health’
The SEIB survey directed at finding out the increase in livery costs for yard clients had 1,137 respondents from across the UK. The survey found that monthly livery costs have gone up by £30 or more for 20% of those with horses at livery. Another 40% have experienced increases of between £5 and £30 per month. Just under 40% of people have not, as yet, experienced a recent increase in livery yard fees.
SEIB’s social media executive, Georgina Dewar, commented: “Having established that many people are facing increased costs, are these costs sustainable long-term? What impact will this have on mental health? We found 44% of people said that they are making personal sacrifices, including turning their heating at home down, trying to reduce supermarket bills and cutting back on socialising. Doing these things a few times over a short period is straightforward, however, over the long-term it could have a big impact on mental health.”
Livery yards are a crucial part of the industry
The survey showed that people are very much putting their horse first when faced with scarcity of money. Many people are competing less, but over 90% remain pleased to have bought their horse and would do so again, being fully aware of the cost.
However, many people are booking less frequent equine physiotherapy appointments, or leaving longer gaps between shoeing/ trimming, and some are cutting back on using saddle-fitting professionals.
Fewer people said they would delay their equine dentist appointments, but one respondent commented: “We are cutting back on physio appointments as my pony isn’t in a lot of work at the moment. In my opinion, these are less important than routine veterinary and dental appointments.”
“There’s little doubt that all of us are feeling the impact of the cost-of-living crisis as we search for ways to save money where possible,” said Jim Eyre, chief executive of British Equestrian, the national governing body of equestrian sport in Britain.
“For horse owners, this comes with added concerns around equine welfare as owners have to make difficult decisions, often without all the detail to make informed decisions.
“We would encourage every owner to carefully consider the lasting impact of any decisions and that you do your research fully ahead of making any changes.”
Contact SEIB to talk about your insurance requirements, whether for your horse, your yard or your business. Call 01708 850000
