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Despite the high expenses of veterinarian treatment, Australia has low rates of family pet insurance coverage. This might alter as the market ends up being significantly competitive
With 2 out of 3 families owning a minimum of one family pet, Australia has among the greatest family pet ownership rates on the planet, according to Animal Medicines Australia’s ‘Pets in Australia’ report. Dogs are the most popular option, followed by cats, with 48% and 33% of families owning them respectively.
However, just 7% of animals are guaranteed—as compared to 30% in the United Kingdom, according to information from PetWorld.
“It is a relatively small industry, but it has huge potential for growth,” says Don Shields, handling director of Geelong Insurance Brokers (GIB).
The bulk of family pet insurance coverage brand names are financed by the very same insurance provider, Hollard, which keeps a dominant market position in spite of more current entrants to the marketplace.
Of the 21 brand names in Australia, the following 15 are financed by Hollard by means of their subsidiary Petsure: Australian Seniors, Guardian, Prime, Real, RSPCA, Guide Dogs, Pet Insurance Australia, BUPA, Pet Barn, Bow Wow Meow, HCF, 1300 Insurance, Woolworths, Insurance Line and Perfect Partners.
Pacific International finances 2 brand names, as does RACQ. Allianz and Sovereign each finance one brand name.
Home and contents policies will normally supply basic cover for cats or dogs if they are hurt inadvertently. Check with a broker regarding which insurance companies include this as an alternative.
“Usually the cheap ‘no frills’ home and contents policies bought online have no cover for vet costs for injured cats or dogs,” says Shields.
