Pet Insurance Outpaces Accident-Health in Sales Growth
News from Insurance Journal:

Maria Makara didn’t hesitate to insure her two new dogs. That’s because they’re family.

Her previous pet, a Yorkshire terrier, died in 2013 after contracting pancreatitis and Cushing’s disease. Makara ended up paying $ 4,000 for treatments and tests in the dog’s final years. Last month she bought health insurance for her two “boys.” For $ 40 a month, she insures both Jack, a white Chihuahua-poodle mix, or chi-poo, and Colby, a four-pound (2 kilogram) morkie- poo, a mix of Maltese, Yorkie, and poodle breeds.

“They’re my babies,” Makara, 36, said by phone from her office in New York where she works as a marketing director. “There are a lot of people like myself who have dogs and don’t have children, or they’re a single person living by themselves. People like me have a disposable income and they’re spending it on their dogs.”

Makara is among so-called pet parents fueling a $ 600 million industry in North America that’s growing at triple the pace of U.S. accident-and-health coverage, drawing investment from companies including Toronto-based Fairfax Financial Holdings Ltd. and Nationwide Mutual Insurance Co.

Fairfax, run by value investor Prem Watsa, agreed this year to buy Pethealth Inc., North America’s second-largest pet insurer, for C$ 100 million ($ 88 million). The Oakville, Ontario- based firm provides pe…………… continues on Insurance Journal

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