, Hong Kong
Photo by Matt Nelson for Unsplash

1 in 5 pet life insurance plans only cover vet consultations

It does not include surgeries and hospitalisation expenses in the coverage.

One in five available pet life insurance plans in Hong Kong cover veterinary consultations and excludes surgeries and hospitalisation expenses in the coverage, data from the city’s Consumer Council survey stated. 

The survey also stated that nearly 90% of the insurance plans covered third-party liability, with the coverage ranging from a minimum of $300k to a maximum of $3m, whilst 30% provided overseas coverage.

Meanwhile, 50% of the available pet life insurance plans used a fixed percentage to calculate the deductibles, whilst 15% increased theirs in phases according to the pet’s actual age, with higher deductibles for older pets.

READ MORE: 95% of companies in India do not offer term life insurance to employees

20% used the pet’s age at enrolment to calculate the deductibles, whilst 15% were dependent on whether the insured pet received treatment at “network clinics.”

The consumer council then added that the premiums of every pet life insurance plan could vary from a minimum of $3.5k to a maximum of over $12k.

The Hong Kong Consumer Council reminded pet owners to extensively compare the available life insurance plans’ coverage and compensation terms instead of considering the premiums alone before purchasing one for their pets.

Established in 1974, the Hong Kong Consumer Council aims to study and promote the protection of consumer rights in the city by “collecting, receiving, and disseminating information concerning goods and services and immovable property.”

Join Insurance Asia community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

"not in top classification"
array:1 [
  0 => "16"

Top News

Life insurance revenue down in Q1, claim payments up
The Indonesian life insurance market recorded 87.54 million individuals insured in the first quarter.
Virtual insurer surpasses HK$60b sales in four years
This made the virtual insurer top rank in direct sales channels in terms of policies sold.
Sun Life Hong Kong introduces eSunPro
The platform will be exclusive to Sun Life Hong Kong clients who can avail of assistance for treatments and recovery.