Pets are widely considered to be much-loved family members. We take our furry friends everywhere, cuddle up to them while watching Netflix, and many of us even buy them birthday treats. But this parity with humankind stops when it comes to insurance.
Petline Insurance Company, Canada’s only licensed insurance company to focus solely on pet health insurance, estimates there are just under 14 million pets [cats and dogs] in Canada. However, judging by figures at the end of 2016, the insurer estimated only 220,000 cats and dogs across the country had pet health insurance, which is about 1.6% of the market.
“The pet health insurance industry in Canada has seen double digit growth in the last three years, but there’s still a lot more to be done,” said David Fitzpatrick, division vice president for Petline Insurance Company. “There’s huge opportunity to get more people interested in working with their healthcare providers to buy coverage and make sure their pets are well cared for and looked after.
“Pet owners don’t often plan for the unexpected when it comes to their animals. Most people can afford to go to the vet for vaccinations and check-ups on an annual basis, but many fail to plan for unexpected accidents and surgeries where bills can range into the thousands of dollars. Our job is to ensure we’re working with vets and associations to make sure we’re educating consumers properly, so they understand the value of the coverage and why they might need it.”
In January, Petline announced the launch of a new pet health insurance product in association with the Ontario Veterinary Medical Association (OVMA). It’s the only pet insurance product designed and backed by Ontario’s veterinarians and it includes unique features like a 24/7 veterinarian claims hotline, loyalty discounts, as well as coverage of exam fees, taxes, and dental, alongside standard health coverages.
The “first-of-its kind” product was crafted in concert with OVMA and has the full endorsement of the province’s veterinarians. OVMA’s CEO Doug Raven was the first in line to purchase the new OVMA Pet Health Insurance policy for his three-year-old golden retriever Teddy (pictured). He was followed closely by Dr. Karla Scott, a well-known veterinarian in the Barrie and Orillia, ON, area, who signed up her cat Sterling, a six-month-old domestic long hair.
“Pet health insurance is an emotional buy in many cases. A lot of people consider pets as family members. Our challenge is to continue working alongside vets and pet owners to ensure they see the value in our product,” Fitzpatrick told Insurance Business. “Once we get this product off the ground in Ontario, we would certainly be interested in talking to other provincial organizations to see is there’s similar interest.”
Petline Insurance Company has been a leader in the Canadian pet health insurance market for 30 years. It has protected over 1.3 million pets and is a long-time partner of the OVMA. The company was purchased by Economical Insurance in January 2017.
“We’re now offering pet health insurance through our own sales force and our broker distribution network at Economical Insurance,” Fitzpatrick added. “It’s a complimentary product that a lot of our brokers and their customers will find value in.”
