Etiqa Singapore launches new coverage for growing pet population
Etiqa Singapore launches new coverage for growing pet population | Insurance Business Asia
Insurance News
Etiqa Singapore launches new coverage for growing pet population
The plan covers congenital diseases, surgeries, claims, and more
Insurance News
By
Kenneth Araullo
Etiqa Insurance Singapore has introduced a new pet insurance policy, expanding its range of services to cater to the rising number of pet owners in the country.
The new pet insurance plan is designed to be both accessible and affordable, providing essential coverage for a range of situations. The policy covers medical expenses related to accidents and illnesses, including congenital and hereditary conditions. It also offers no-claim discounts, aimed at offering pet owners peace of mind and financial stability in unexpected medical situations.
It offers a sum insured of up to S$15,000 for surgical illness cover and S$3,500 for non-surgical cover. The plan includes coverage for congenital and hereditary diseases, surgical treatments, and accidental injury claims, among other benefits.
Key features of the plan include the highest surgical sum insured in the market due to illness (S$15,000 on the highest plan), complimentary coverage of congenital and hereditary diseases with the provision of medical documents at purchase, a no claims discount of up to 20%, a multi-pet discount of up to 10%, and an additional S$500 insured for final expenses benefit on the highest plan.
The new policy aims to offer comprehensive protection for pets, also addressing the increased need for coverage amidst the growing costs of veterinary care and health conditions. Statistics indicate a significant rise in pet ownership in Singapore, with the number of pet dogs increasing by 3% since 2019, reaching 114,000 in 2023.
Similarly, the pet cat population has seen a 10% increase, amounting to 94,000. This surge in pet ownership has led to a corresponding rise in expenses related to veterinary services and health issues, highlighting a gap in protection for pet owners.
“The evolving perspective towards pets in Singapore, coupled with escalating pet care costs, necessitates adequate coverage to ensure financial stability and peace of mind during challenging times. Etiqa Insurance Singapore bridges this gap by offering accessible coverage at an affordable price point, enabling Singaporeans to cherish longer, healthier lives with their beloved pets,” CEO Raymond Ong said.
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