New pet critical illness cover introduced in Hong Kong

It is available to pets of any age and breed, for an annual fee of $14.40.

OneDegree, a virtual insurance company, has announced enhancements to its Pet CEO Plan in Hong Kong, aimed at providing comprehensive coverage for furry companions. 

The annual compensation limit under the plan has been raised to $3,000 (NT$100,000), as reported by Finance Mingpao.

Additionally, OneDegree introduced Hong Kong's first unique pet critical illness supplementary protection, available to pets of any age and breed, for an annual fee of $14.40 (NT$480). 

Currently, there is a 25% discount available on this coverage.

The new pet critical illness supplementary protection covers medical expenses associated with conditions like epilepsy, quadriplegia, or a dislocated patella. 

It also offers a one-time cash protection benefit of 10,000 yuan, which can be used without restriction. 

However, this cash benefit can only be claimed once per pet's lifetime, and it is exclusive to existing customers of OneDegree.

Zhou Meihua, deputy chief executive of OneDegree, reported that the additional protection launched at the end of May this year saw immediate popularity. 

On the first day, more than 60% of new pet CEO Plan customers opted for the pet critical illness supplementary protection. By the end of June, this choice accounted for 30% of all new policy purchases.

($1.00 = NT$32.5)