U.S. insurance regulators are close to creating a legal standard for pet insurance that would address long-standing consumer complaints that insurers rarely pay up when their furry friends are not well.
Less than 3per cent of U.S. pets are insured, compared to 20per cent in some European markets, according to IBISWorld. The research firm expects pet-insurance earnings to swell from US$1.6 billion last year to US$2.4 billion in 2025.Policies are similar to human health coverage, with annual premiums and deductibles. Rates are typically based on animals' ages and care levels. Pricier policies tend to have broader protections.
Experiences like Arlene's are so common that California adopted consumer-protection laws about pet insurance beginning in 2014, and has since reinforced the rules. A pending bill would require insurers to include spaying and neutering in standard coverage. Familiar insurance brands like Nationwide and MetLife Inc offer coverage, sometimes through employee-sponsored benefits programs. Trupanion and PetPlan have become big players, while Lemonade Inc entered the market last year. European insurer Bought By Many just launched ManyPets in Illinois on Thursday.
NAIC began working on the idea in 2016, and there is no guarantee states will embrace its proposal quickly, or at all. And insurers may fight claims even with tougher rules.
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