Pets Plus Us has partnered with the Canadian Federation of Independent Business (CFIB) to expand pet insurance access to more than 100,000 small businesses and their employees across Canada.
Financial terms of the partnership were not disclosed. Pet insurance helps cover eligible veterinary expenses, providing financial support for pet owners.
Through this partnership, CFIB members, their employees, and families can access discounted pet insurance with up to $15,000 in annual coverage for eligible accidents and illnesses. Coverage includes consultations, exams, emergency care, hospitalization, medication, surgery, anesthesia, and specialist referrals. Additional services such as 24/7 emergency telehealth support, Pet Poison Helpline, and pet bereavement support are also included.
Eric Coulson, senior managing director of insurance growth, expansion and strategy in Canada at Pets Plus Us, stated that the company aims to improve pet health and well-being while making pet insurance more accessible to small business owners and their employees.
Meanwhile, CFIB President and CEO Dan Kelly noted the increasing demand for pet insurance and said the partnership aims to provide additional value to members by making coverage more affordable.
Last November, the NAPHIA released its annual State of the Industry report, saying that the number of insured pets in North America rose 16.6% to about 6.3 million from 5.4 million in 2022.
And that does not stop there as the pet insurance market is still projected to grow, driven by factors such as increasing pet populations, higher insurance adoption in developing regions and rising veterinary costs, among others.
Pet insurance helps mitigate the costs associated with serious medical conditions, which could pose a problem due to veterinary services getting more expensive. Veterinary expenses for accidents or illnesses in Canada can exceed $500 per visit, with some surgeries costing over $1,000. With nearly 60 percent of Canadian households owning pets, unexpected veterinary costs can create financial challenges.
The insurance policies by Pets Plus Us are underwritten by Northbridge General insurance Corporation.
