Round-up: New ventures in the pet insurance space
Companies around the world are recognizing the business potential of animal health policies.
The pet health insurance industry in the US and Canada is believed to have surpassed the $4 billion (€3.7B) mark for the first time last year. According to the North American Pet Health Insurance Association (NAPHIA), in 2022, it represented $3.51 billion (€3.1B).
This market increase is causing many traditional insurance corporations to venture into this new and profitable space. GlobalPETS compiles a list of some of the latest companies to do so.
Mylo Insurance
The Missouri-headquartered insurance provider has entered the sector through a partnership with Safeco, a Fortune 500-listed insurance carrier, to provide reliable and affordable pet insurance solutions.
The insurance package will include “reliable and affordable” pet insurance solutions for all pets above 8 weeks of age. The 2 packs will cover accidental injuries, illnesses, congenital conditions and anesthesia. Customers can also use their coverage for wellness exams, prescription medicines, boosters and vaccinations.
Though its markets exclude Florida, Hawaii, Delaware and Washington, D.C., the insurance provider has plans to extend perks as part of employee benefits.
HDFC Bank
India’s third-largest bank has launched Paws n Claws, a new pet insurance policy under its ERGO General Insurance segment. The policy covers diagnostics, veterinary treatments, and medication costs.
The policy offers third-party liability coverage of up to ₹1 crore ($119K/€110K) for pet-related damages and insurance against canceled trips due to pet-related emergencies.
The Mumbai-based company attributes the launch to a surge in pet ownership nationwide.
Unum Group
As a provider of workplace benefits in the US, Unum Group has recently extended its offering to employees with pets through its Unum Pet Insurance packages.
Pet insurance provider Nationwide will provide coverage. The packages will include provisions to access any licensed veterinarian, 50% and 70% off reimbursements, a helpline with video consultations, discounts on select prescriptions, coverage for emergency pet boarding, non-accident and illness-related costs, life insurance and lost pet support.
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