Nationwide to cancel 100,000 pet insurance policies

Nationwide Pet will not renew approximately 100,000 insurance policies until the summer of 2025 due to “inflation in the cost of veterinary care.”

As one of North America’s largest pet insurance providers, the company also cites “other factors” that have led to recent underwriting changes and the withdrawal of some products in some states.

“These measures, being taken at a state level, comply with the law and our contracts and are not associated with the pet’s age, breed or prior claims history,” says the company.

Difficult actions

Nationwide Pet admits in a statement that the recent underwriting changes and product withdrawal are “difficult actions” that are “necessary to ensure a financially sustainable future for our pet insurance line of business.”

“We certainly empathize with the disappointment many of our pet families feel and will fully stand by the protections for which they have paid through the end of their current term,” the statement reads.

Nationwide has not clarified whether it will provide reimbursements.

New Chief Pet Officer 

Joel Carnes was recently named the new Chief Pet Officer at Nationwide.

He was appointed for his leadership and operational experience, entrepreneurial mindset and knowledge of the pet insurance industry.

Carnes most recently served as the company’s Vice President of Pet’s Operational Excellence team for 2 years. During this time, the company noted enhanced performance, accountability and efficiency across operations, claims, underwriting, product and member care. 

Around the time of his appointment, J.J. Perez, Nationwide’s President of Corporate Solutions, expressed his confidence in Joel’s ability to establish new partnerships and deepen relationships with existing retail partners like Petco, Unum and Walmart.