In a groundbreaking move, virtual insurer OneDegree has launched the first-ever critical illness coverage for pets in Hong Kong, enhancing its Pet CEO Plan.
The innovative addition comes after OneDegree secured a virtual insurance license from the Insurance Authority in April 2020 and expanded its offerings in 2023 to cover turtles, tortoises, and birds. The latest upgrade to the Pet CEO Plan, implemented in May 2024, increases the annual coverage limit under the Ultra Plan to HK$100,000. This upgrade also introduces a new supplementary pet critical illness rider, providing financial support for treating epileptic seizures, quadriplegia, and patellar luxation.
Addressing a Gap in Pet Insurance
Prior to this launch, Hong Kong lacked critical illness coverage for pets. OneDegree’s new rider aims to fill this gap by offering financial assistance to pet owners, encouraging timely and necessary medical treatments without the added burden of high veterinary costs.
Common Critical Illnesses in Pets
At a recent press conference, veterinarian Angel Ngo highlighted the common causes and treatments of these critical illnesses:
- Epileptic Seizures: Typically caused by neurological disorders, these require laboratory tests for diagnosis and often involve long-term treatment.
- Quadriplegia: This condition, which can result from poisoning or viral infections, might necessitate surgery or other therapies.
- Patellar Luxation: Commonly seen in young dogs, this condition can progress to joint disease if untreated, sometimes requiring surgical intervention.
The treatment costs for these conditions can be significant, ranging from moderate to high.
Financial Support for Pet Owners
OneDegree’s new rider offers a one-time lump sum payment of HK$10,000 for pets diagnosed with these illnesses. Available for an additional annual premium of HK$480, the cost is approximately HK$1.3 per day, with a current discount reducing it to HK$1 per day.
Positive Customer Feedback
A recent customer survey revealed strong support for the new rider, with 100% of respondents recommending it. Key reasons included comprehensive coverage and fair premiums. Additionally, 74% of respondents chose the rider to ensure their pets’ healthcare needs were fully met, while 40% cited the high costs of treating critical illnesses as a motivating factor.
Emily Chow, Deputy Chief Executive of OneDegree, noted the high uptake of the rider, with 61% of new Pet CEO Plan enrollees adding it on the first day.
“The responses have been immensely encouraging, affirming our bold step in pioneering this critical illness protection for pets in Hong Kong. We will continue to listen to our customers and deliver even more comprehensive protection for our furry friends in Hong Kong,” Chow stated.
Future Plans and Community Support
Named Hong Kong’s top virtual insurer for two consecutive years, OneDegree plans to further support pet owners by offering pet first aid courses and hosting other community events.
