Though traditionally a very small market, as the popularity of these products take off, insurers are taking notice.
When it comes to pet insurance, companies are now starting to see a far greater opportunity than was ever available before, as owners start to consider animals as furry family members instead of a beast that is somewhat disposable.
The importance of these animals – especially dogs and cats – has lead to massive advancements in veterinary medicine.
While the evolution of veterinary medicine has made it possible to provide these animals with far better medical care – lengthening their lives, improving the quality of their lives, and making a far broader range of illnesses survivable when they used to be a death sentence – this has come with a cost. It can mean that bringing an animal to the vet can be a considerable expense. This being the case, pet insurance has become an increasingly appealing option for owners, even when the coverage had been seen as an unnecessary expense not too long ago.
Pet insurance has become a primary resource for animal owners who want to afford quality care.
In many cases, pet insurance can make the difference between being able to provide a pet with treatment that could lead to many more happy years, and having to face considerable financial hardships in order to be able to give the animal that same assistance. This also helps to eliminate the risk of having to choose between financial wellbeing and the animal’s life, in many cases.
As consumers see greater value in these insurance policies, a growing number of companies are watching that sector of the industry grow and are choosing to get on board so that they can carve out their own piece of that pie.
Insurance companies that had once focused exclusively on more traditional products such as (human) health, homeowners, and other types of common plan are now finding their way into coverages and partnerships that allow them to offer dog and cat policies, too. What has yet to be seen is the overall impact that the increasing competition will have on pet insurance coverage and pricing.