NAIC to develop new pet insurance regulatory standards

Pet Insurance regulatory standards - dog receiving veterinary care

The National Association of Insurance Commissioners is creating a model law for animal health policies. The National Association of Insurance Commissioners (NAIC) is currently working on a new model pet insurance regulatory standards law. NAIC’s Pet Insurance Working Group has been tasked with developing the shape of this law. The new pet insurance regulatory standards are expected to impact that part of the insurance industry, depending on whether states adopt them and how they do so. It may also alter the way veterinarians discuss coverage with their clients. The NAIC…

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Nationwide Insurance reminds owners of holiday pet risks

Holiday pet risks - dogs wearing xmas costumes

The insurer is hoping more owners will keep their furry family members safe this year. It’s that time of year again, when we bring out the decorations and sweet treats and need a reminder about holiday pet risks to keep our fuzzy loved ones safe. Our four-legged family members experience different dangers than humans do during this season. Nationwide Insurance is reminding owners that while we keep our walkways lit and clear to stop people from falling, and keep our Christmas trees hydrated so they won’t become a fire risk,…

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Walmart pet insurance launched as pandemic animal adoptions spike

Walmart Pet Insurance - Puppy with person

The retailer is offering coverage through Petplan and is also offering the Rover feature for services. Beyond buying kibble and leashes at the retailer, customers can now purchase Walmart pet insurance to help cover veterinary costs in the case of unexpected illness or injury. The retailer spotted the appeal of the coverage as the pandemic has caused animal adoptions to skyrocket. The Walmart pet insurance is launched at the same time that the Rover service has become available to connect customers with services such as dog walkers and sitters. The…

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Petbusinessinsurance.com the #1 agency for the Pet business industry

We here at Pet Business insurance want to make sure every pet business gets insured with the specialized types of insurance coverage that are available to them. Unlike normal business insurance, pet businesses have extra options such as animal bailee coverage when getting property coverage. Animal bailee coverage protects business owners when a pet in their care gets injured or dies. According to Forbes, this is a great time to start your very own pet care business! Millennial and Generation Z Americans are pet-obsessed, accounting for 62% of pet ownership. …

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Lemonade pet insurance launches for the first time

Lemonade Pet Insurance - Dogs and Cats

The online insurer is using this move to take itself into an entirely new coverage space. Lemonade pet insurance launched this week, taking the company into a new product category. This represents the company’s first step into a new vertical since 2016 when it first began offering its renters and homeowners insurance policies. Nearly three quarters of the company’s current policyholders are also pet owners. Approximately 70 percent of existing customers with the insurer own animals. That said, only about 1 to 2 percent of owners in the United States…

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State Farm pet insurance launched for dogs and cats through Trupanion

State Farm Pet Insurance - Dog and Cat

The coverage will protect animal owners against many veterinary costs for their furry family members. State Farm pet insurance has been launched through a partnership with Trupanion to provide animal owners with the opportunity to purchase medical coverage for their fuzzy friends. Dogs and cats are regularly considered to be non-human family members, but veterinary care is expensive. As Americans become increasingly attached to their pets, the world of veterinary medicine has skyrocketed forward. Animal owners demand the type of medical care they would otherwise expect for their human family…

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No growth in pet health insurance claims for respiratory issues

Pet health insurance - Dog and Cat

Trupanion has been monitoring the nature of claims for cats and dogs through the pandemic. Trupanion, the pet health insurance company based in Seattle, has stated that it is monitoring the types of claims it is receiving. As of yet, it has not noticed an increase in claims relating to respiratory issues in cats and dogs. The insurer has been watching for changes in claims of that nature since the start of the pandemic. Back in March, the company released a statement that there were “no unusual increases or changes…

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