Insurance provider suddenly drops pet coverage for 100000 owners
How are pet owners, particularly those with older pets or pets with pre-existing conditions, affected by these insurance policy cancellations?
Pet owners, especially those with older pets or pets with pre-existing conditions, are significantly affected by these insurance policy cancellations. Many of the cancelled policies are for older pets with pre-existing conditions that may not be insurable elsewhere. This leaves pet owners struggling to find alternative coverage, potentially facing high veterinary costs as their pets age. Some pet owners may be unable to afford treatment for their pets without insurance, resulting in difficult decisions regarding their pet's healthcare.
What measures is Nationwide taking to support pet owners through the transition period following the cancellation of their pet insurance policies?
Nationwide is providing support to pet owners during the transition period following the cancellation of their pet insurance policies by offering resources to help them cope with the loss of their pets and processing any final claims they may have. Additionally, the company is allowing policyholders to maintain their coverage until the end of their current term. Nationwide is also focusing on expanding its pet insurance reach through partnerships with other companies, including Petco, Walmart, and Unum.
What specific factors did Nationwide cite as reasons for dropping pet insurance coverage for 100,000 owners?
Nationwide cited the escalating cost of veterinary care and other factors cutting into its profits as the reasons for dropping pet insurance coverage for 100,000 owners. The company stated that this decision is part of its efforts to maintain long-term viability and profitability. Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states, which Nationwide says are necessary to ensure a financially sustainable future for its pet insurance line of business.