OneDegree introduces Hong Kong's first critical illness coverage for pets

Virtual insurer OneDegree has introduced a new feature in its Pet CEO Plan, making it the first to offer critical illness coverage for pets in Hong Kong.

This follows the company’s initial introduction of the Pet CEO Plan after obtaining a virtual insurance license from the Insurance Authority in April 2020, and its expansion in 2023 to include insurance for turtles, tortoises, and birds.

In May 2024, OneDegree upgraded its Pet CEO Plan, raising the annual coverage limit under the Ultra Plan to HK$100,000. The upgrade also included a new supplementary pet critical illness rider that provides cash benefits for treating epileptic seizures, quadriplegia, and patellar luxation. This addition aims to help pet owners manage unexpected veterinary expenses more effectively.

OneDegree’s critical illness coverage for pets in Hong Kong

Prior to OneDegree’s launch of this rider, Hong Kong lacked critical illness coverage for pets.

OneDegree said the new feature is designed to support pet owners financially, encouraging timely medical treatment for their pets without the burden of high costs.

Common causes and treatments of pets’ critical illnesses

At a recent Press conference, veterinarian Angel Ngo discussed the common causes and treatments of these illnesses:

• Epileptic seizures, typically caused by neurological disorders, often require laboratory tests for diagnosis and may involve long-term treatment.
• Quadriplegia, which can result from poisoning or viral infections, might necessitate surgery or other therapies.
• Patellar luxation, commonly seen in young dogs, can progress to joint disease if not treated, sometimes requiring surgical intervention.

The treatment costs for these conditions can be substantial, ranging from moderate to high.

OneDegree’s new rider offers a one-time lump sum payment of HK$10,000 for pets diagnosed with these illnesses. This rider is available for an additional annual premium of HK$480, equivalent to approximately HK$1.3 per day, with a current discount bringing it down to HK$1 per day.

Feedback on OneDegree’s critical illness coverage for pets in Hong Kong

A recent customer survey revealed that 100% of respondents who chose the new rider would recommend it. The primary reasons for their recommendations included comprehensive coverage and fair premiums.

Additionally, 74% of respondents selected the rider to ensure their pets’ healthcare needs were fully met, while 40% noted the high costs of treating critical illnesses as a motivating factor.

Emily Chow, deputy chief executive of OneDegree, noted the high uptake of the rider, with 61% of new Pet CEO Plan enrolees adding it on the first day.

“The responses have been immensely encouraging, affirming our bold step in pioneering this critical illness protection for pets in Hong Kong. We will continue to listen to our customers and deliver even more comprehensive protection for our furry friends in Hong Kong,” she said.

OneDegree, named Hong Kong’s top virtual insurer for two years in a row, plans to offer pet first aid courses and other events to support pet owners.