AXIS Insurance forms a new partnership with Petplan
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Ltd., announced it has entered the pet insurance market via its Accident and Health unit through a strategic relationship with managing general underwriter Petplan.
AXIS Insurance will provide underwriting capacity for comprehensive pet insurance policies for dogs and cats in the U.S. and Canada.
“Our relationship with Petplan is an exciting way for us to enter the North American pet insurance marketplace and an area of insurance that complements our existing global Accident and Health portfolio,” said James Hamilton, Global Head of Accident and Health for AXIS Insurance.
Expanding capabilities through a new partnership
Petplan is the fourth largest MGU in the U.S. and Canada dedicated to pet insurance, providing insurance coverage to over 280,000 pets. Its latest innovation is the addition of TeleVet coverage which allows subscribers to text, chat or video call veterinarians at no extra cost.
“For over 15 years, our passion at Petplan has been helping pets live long, vibrant lives,” said Paul Guyardo, President and CEO for Petplan. “Given our growth over the last few years, expanding our underwriting capabilities with a partner like AXIS Insurance makes sense. Together, we look forward to bringing our industry-leading coverage to even more pet parents across North America.”
Customers can access the insurance product via Petplan through an intuitive mobile experience that provides seamless claims processing and excellent customer service. Petplan’s mobile platform is backed by machine learning capabilities designed to predict a pet’s health trajectory and provides customers with information aimed at improving pet wellness and decreasing vet care costs.
Increasing market for pet insurance
The COVID-19 pandemic has created a spike in the adoption of pets across the globe, and the same acceleration can be seen in the global pet insurance market.
According to Market Data Forecast, the size of the global pet insurance market is forecast to grow to US$6.65 billion in 2026 from US$3.62billion in 2021, with the market predicted to be growing at a CAGR of 12.92% during the forecast period.
Although a new survey by Forbes Advisor has revealed that 53% of respondents say they underestimated the cost of pet insurance prior to deciding to own a new pet. More than 44% of Brits admitted to not having pet insurance, with half of the owners (50%) spending £500-£1,000 a year on medical bills.