Staff Reports
Nationwide, a prominent insurance company, has decided not to renew approximately 100,000 pet insurance policies due to the escalating costs associated with pet healthcare. The company cited inflation in veterinary care costs and other factors as reasons for this decision. They acknowledged the strong emotional attachment people have to their pets but stressed that these adjustments were necessary for the long-term sustainability of their pet insurance business.
The company clarified that the cancellations of policies will not be based on the pet’s age, breed, or prior claims history. Policyholders will receive written notifications before their policies are cancelled, which will happen between spring 2024 and summer 2025.
Washington Examiner: Nationwide cancels 100,000 pet insurance policies due to rising costs https://t.co/swlyJQfZe6
— Ian Hansen 🇺🇸🇺🇸 (@IanHansenFeed) June 17, 2024
In 2023, the North American Pet Health Insurance Association reported that over 5.5 million dogs and cats were insured. Pet insurance policies typically cover accidents, illnesses, and sometimes routine wellness costs, depending on the specific plan.
Nationwide is the largest pet insurance provider in the United States, insuring more than 1.2 million pets. The company’s decision has raised concerns among pet owners who rely on their insurance to cover their pets’ medical needs.
One affected pet owner, Christie Keith, expressed distress, highlighting the significance of her dogs as part of her family and expressing uncertainty about how to proceed following the cancellation of her coverage.
Nationwide has assured policyholders that they will continue to provide coverage until the end of their current policy term. The economic implications of rising insurance rates have also become a significant concern for voters leading up to the 2024 presidential election.
