There are many changes in the underwriting of various pet insurance policies, and the definition and claim settlement conditions are quite different. In order to reduce the definition of pet insurance underwriting and claim settlement disputes, the P&C Insurance Association has launched a public version of comprehensive pet insurance, which clearly stipulates the coverage of accidental injuries, diseases and expenses.
In recent years, due to the aging population and the impact of declining birthrates, keeping pets has become popular, and the public’s demand for pet insurance has greatly increased, and the number of insurance applications has shown a triple jump. According to statistics from the Insurance and Development Center, the number of pet insurance cases has increased from 728 in 2018 to 57,140 in 2021, and increased to 93,927 last year. Although the loss rate of pet insurance in the past three years has reached as high as 80% to 96%. However, the property insurance industry said that the property insurance association established the public version of pet insurance because there were many disputes over claims, consumers complained to relevant units, and public opinion representatives were concerned, etc., not because of the high loss rate of pet insurance .
The public version of pet comprehensive insurance lists seven guarantees, including pet medical expenses insurance, tort liability, co-location expenses, pet boarding expenses during the owner’s hospitalization, pet funeral expenses, pet reacquisition compensation, travel itinerary cancellation expenses, etc. It means that the insured pet dies due to the disease or injury stipulated in the third article, or the veterinary hospital evaluates and needs urgent surgical treatment, which causes the owner to shorten the travel journey and return during the foreign period, or the accident occurs within seven days before the scheduled departure date of the travel, Compensation for the loss of transportation tickets, accommodation fees, visa fees, etc. that have been paid in advance and cannot be refunded.
In the future, property insurance pet comprehensive insurance can choose two or more of the above seven guarantees. The property insurance company explained that in addition to standardizing the scope of coverage, the public version of pet insurance also stipulates common definitions and exclusions. For example, it only covers pets for entertainment and companion purposes, and has been registered and implanted with a chip and stated in the insurance contract. Dogs or cats, dogs and cats for breeding, hunting, working, and medical purposes are not covered. In addition, there are clear regulations on the “waiting period”. For example, eight diseases such as insured pet cancer have a 90-day waiting period, and other diseases have a 30-day waiting period.
The P&C Insurance Association pointed out that the formulation of public pet insurance can reduce claims disputes arising from unclear market definitions. If there are new insurance needs in response to practice in the future, it is necessary to re-examine and adjust the reference clauses, or adjust/expand the coverage by additional clauses Therefore, the property insurance industry all mentioned that the property insurance association deliberated and adjusted the content of the reference clauses, and the industry association submitted the amendments to the reference clauses to the Financial Supervisory Commission for reference, for the reference of property insurance companies.
The post P&C Insurance Public Pet Insurance Guardian Mao Kid appeared first on Business Times.