The pet insurance market, although relatively small, is on the rise.
According to BenefitNews, the pet healthcare industry is seeing an increase in insurance for pets and overall animal care.
“Pets are treated less like work animals and more as a member of the family,” said Scott Liles, president and chief pet insurance officer at Nationwide.
Wholly one-third of Fortune 500 companies now offer some sort of pet insurance plans and that number looks like it will continue to increase.
“The market is small,” Liles said, “but growing.”
Insurance for pets might be a relatively new happening, but it makes sense. Pets have such a strong emotional connection with their owners If pets become ill or something happens to them, productivity by that worker is surely going to suffer at least momentarily and maybe much longer.
Pets are such an important part of U.S. culture. Wholly 65% of all families have at least one pet in their home and the total pet care costs in 2015 was over $15 billion. Every year, over $20 billion is spent on pet food every year, $12 billion on pet health medication, and pet supplies.
“They can do more to keep pets healthier,” said Deana Single, director of group accounts for Nationwide, “but it costs more. Health insurance is helping folks.”
Single notes that companies use health insurance for pets as a great way of shining a positive light on their organization, as well as a retention program. “The warm, fuzzy benefits like pet insurance,” Single adds, “keep people happy and increase retention.”
Pretty soon, it looks like the majority of major companies will offer some type of pet insurance policy that not only benefits the organizations, insurers, and owners, but the pets themselves.
The companies benefit because they have happy employees who work hard when their pets are safe and healthy, they also benefit from having a positive public image because people appreciate businesses that offer pet insurance policies.
The insurers benefit from simply more insurance policies and payments through the businesses.
The owners benefit from the insurance policies for their pets because, well, they are their pets. If the pet is happy and healthy then the owner is too.
The pets benefit because they get the health care they deserve. A happy pet equals a happy life!
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