Pet insurance takes off in India’s booming pet market

Should you get insurance for your furry friend?

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pet insurance

The Rise of the Pawsome Market

The Indian pet industry is a juggernaut, expected to reach ₹7,000 crore by 2025, fueled by rising pet ownership and disposable incomes.This translates to a growing demand for pet insurance, attracting established players like Bajaj Allianz and Future Generali, alongside new entrants like Go Digit.Insurers are innovating beyond basic accident and illness coverage, offering preventive care, behavioural therapy, and even alternative therapies.Technology is transforming the experience with online policy purchases, claim processing, and even pet health tracking apps.

Benefits for Pet Owners:

Imagine facing a hefty vet bill for your pet’s unexpected illness or surgery. Pet insurance becomes a safety net, allowing you to focus on their recovery without financial stress.The market offers diverse plans with flexible coverage options and premium structures, catering to various needs and budgets.Regulatory clarity is on the horizon, promising standardized policies and enhanced consumer protection.

Considerations for Pet Owners:

Currently, less than 1% of Indian pets have insurance, indicating immense potential but also highlighting limited awareness.Most providers operate in major cities, leaving smaller towns and rural areas with limited access.Coverage primarily focuses on dogs and cats, with limited options for other pets like birds and exotics.Carefully consider your pet’s age, breed, pre-existing conditions, and your budget when comparing plans.Read the fine print to understand coverage limits, exclusions, and claim procedures before making a decision.

Benefits for the Insurance Industry:

The vast potential of the Indian pet market presents a lucrative opportunity for insurers.Increased competition drives innovation, product diversification, and affordability, attracting wider pet owner segments.Technological adoption streamlines claim processes and enhances customer experience, boosting operational efficiency.Expanding reach beyond metros unlocks a massive untapped market in smaller towns and rural areas.

The Future of Pet Insurance in India:

By addressing challenges like limited market penetration and lack of awareness, the pet insurance industry can play a crucial role in ensuring the well-being of millions of furry friends.Regulatory clarity, product innovation, technology adoption, and wider geographical reach are key factors influencing future growth.Together, pet owners and the insurance industry can ensure a brighter future where every pet enjoys a happy and healthy life, free from financial worries associated with unexpected medical needs.Remember, pet insurance is an investment in your furry family member’s well-being and your peace of mind. Do your research, choose the right plan, and wag your tail to a future filled with love, cuddles, and happy adventures!

About the author

Sanjeev Kurandwad
Chief Growth Officer at Savvvyy Insurance Brokers Pvt.Ltd Bangalore

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