Etiqa introduces tailored pet insurance in Singapore

Pet insurance focuses on rising pet care costs and ownership trends.

To support pet owners across Singapore, Etiqa Insurance Singapore has unveiled a new pet insurance policy, following a noticeable shift towards the importance of pets in the family dynamic. 

According to Raymond Ong, CEO of Etiqa Insurance Singapore, this cultural shift recognizes pets increasingly as integral family members, necessitating financial protection against the escalating costs associated with pet healthcare.

"Etiqa's entry into pet insurance was inspired by our own experiences as pet owners," Ong stated. He pointed out that the rising cost of pet care, especially unexpected medical expenses, is a growing concern for many pet owners. 

Etiqa's response was to create a pet insurance product that not only addresses these financial challenges but also incorporates unique selling points not found in other market offerings.

The insurance policy stands out for its high coverage limits in critical areas such as pet surgical and inpatient surgical procedures, and it also covers congenital diseases certified by a vet. Additional benefits include no claims discounts and multiple pet discounts, illustrating Etiqa's commitment to providing value and peace of mind to pet owners.

"Between 2019 and 2022, the number of registered dogs in Singapore went up by over 20%, and cats by over 10%," he remarked. This surge, coupled with rising medical costs, underscores the growing demand for pet insurance.

Etiqa's pet insurance plans offer different levels of coverage for dogs and cats to accommodate a wide range of needs and budgets. Premiums vary from just below $200 for small cats to above $700 for the largest dogs. 

The plans include hospital and surgical coverage of up to $15,000 per year, outpatient coverage up to $3,500, public liability coverage up to half a million, and even funeral costs of $500.

Ong emphasised that while the product is a robust starting point, Etiqa is open to refining and enhancing the policy based on market feedback and user experiences. "It is designed by people who are pet owners and who care," he stated.