SURVEY REVEALS NEW ZEALAND PET INSURANCE MARKET STILL IN INFANCY
Source: insurancebusinessmag.com (Extract)
Posted: Aug 28, 2019
New Zealand may be a nation full of pet lovers but research has revealed that its pet insurance market is still in its infancy – showing that a lot of owners may still be having second thoughts on insuring the furry member of their family.
Canstar’s survey to find the Most Satisfied Customers of pet insurance providers found that pet insurance is becoming more popular in New Zealand.
The majority of the respondents said they treat their pets as “part of the family” and they have pet insurance so they won’t be too worried when their pet needs medical attention. They also rated communication as the most important factor in driving satisfaction with their insurance providers.
However, Canstar clarified that the pet insurance market is yet to match pet ownership, as less than 10% of pet owners have pet insurance. Of those who bought pet insurance, more than half were aware of what it covered while 12% chose to purchase extra cover alongside basic policies.
“Our research confirms New Zealanders are a nation who loves their pets,” said Jose George, general manager at Canstar NZ. “However, animals can be expensive and we do encourage pet owners to consider insurance options to protect them from unexpected bills.”
