Etiqa Insurance Singapore has unveiled a new pet insurance policy, expanding its service portfolio to meet the increasing demands of pet owners in the nation.
The newly introduced pet insurance plan is crafted to be easily accessible and affordable, offering vital coverage across various scenarios. This policy encompasses medical expenses associated with accidents and illnesses, including congenital and hereditary conditions. Additionally, it features no-claim discounts, with the aim of providing pet owners with peace of mind and financial stability during unforeseen medical circumstances.
The plan provides coverage with a sum insured of up to S$15,000 for surgical illness cover and S$3,500 for non-surgical cover. Among its benefits are coverage for congenital and hereditary diseases, surgical treatments, and accidental injury claims.
Notable features of the plan include the highest surgical sum insured in the market for illness (S$15,000 on the highest plan), complimentary coverage of congenital and hereditary diseases with the provision of medical documents upon purchase, a no-claims discount of up to 20%, a multi-pet discount of up to 10%, and an additional S$500 insured for final expenses benefit on the highest plan.
This new policy aims to deliver comprehensive protection for pets, addressing the escalating need for coverage amid the rising costs of veterinary care and health conditions. Statistics reveal a substantial increase in pet ownership in Singapore, with the number of pet dogs rising by 3% since 2019 to reach 114,000 in 2023. Similarly, the pet cat population has seen a 10% increase, totaling 94,000. This surge in pet ownership has consequently led to a rise in expenses related to veterinary services and health issues, underscoring a gap in protection for pet owners.
Raymond Ong, CEO of Etiqa Insurance Singapore, emphasized the evolving perspective towards pets in Singapore and the escalating pet care costs, asserting the necessity of adequate coverage to ensure financial stability and peace of mind during challenging times. Ong stated, “Etiqa Insurance Singapore bridges this gap by offering accessible coverage at an affordable price point, enabling Singaporeans to cherish longer, healthier lives with their beloved pets.”
