Owners buying insurance for cats, dogs

SINGAPORE — In only one year, two accident and health insurance plans covering both dogs and cats — previously non-existent here — have sprung up, drawing pet owners in droves.

PetCare, offered by Liberty Insurance since last February, has attracted about 150 sign-ups. It covers third-party liability, accidents such as theft, those that lead to injury or death, and vet expenses for non-surgical and surgical treatment for cats and dogs. Premiums range from S$321 to S$695, depending on the grade of plan.

Late last month, Aon Singapore started offering its Happy Tails plan and has already garnered “double-digit” sign-ups. Annual premiums range from around S$265 to S$1,810 for dogs, depending on the breed, age and grade of plan. Premiums for cats are around S$244 to S$420. Coverage includes specified hereditary conditions, specified congenital conditions, chemotherapy and surgery.

While AIA Singapore’s Paw Safe has been around since 2006, it is an accident plan for dogs only and does not offer medical coverage. Take-up rate for this has been growing steadily, it said. NTUC Income offered an accident and medical insurance policy in 2000, but it was discontinued after a few years.

A check with other insurance companies such as Prudential and Aviva showed they do not offer pet insurance and do not plan to do so any time soon.

PetCare covers medical costs of up to S$10,000 and up to S$3,000 for surgical and non-surgical treatment, respectively, for cats and dogs, while Happy Tails covers up to S$12,500 for dogs and up to S$5,000 for cats annually.

Mr Roy Ng, senior executive (regional marketing) from Affinity Asia, a division under Aon, said there is an unfulfilled gap in the market, noting that there are close to 126,000 pet dogs and cats in Singapore.

“With increasing purchasing power and a rising trend of animal care, pet parents have become more willing to spend on their pets,” he added.

At least 10 pet owners gave the nod when asked if they would be keen to get pet insurance. Ms Anne Koh, 40, a manufacturing company manager, bought PetCare in June for her two-year-old pomeranian Bolt. “We bought insurance because we love him and we wanted to protect him, just in case. You always think you don’t need it when the puppy is healthy.”

Ms Susannah Jaffer, 24, a British magazine editor, was surprised to find a lack of pet insurance when she arrived here in August 2012, as such policies are common in the United Kingdom. “To have nothing here is quite unnerving ... as they get older, they could develop certain problems, so it would be a good option to have,” said the owner of a two-and-a-half-year-old mongrel Doodle.

Ms Kerrin Kua, 26, a marketing executive with two mongrels, Abbey, 2, and Witty, 10 months, said she treats her pets like her children, so it was a natural expense. “There are a lot of people who connect to their pets. And every time you go to a vet, it’s at least S$100, so it’s worth it.”