Nationwide dumps insurance for 100,000 pets
The insurance carrier said in a statement that the inflated cost of veterinary care is to blame for the move.
Nationwide announced the non-renewal of roughly 100,000 pet insurance policies between this spring and the summer of 2025.
The company said in a statement that inflation in the cost of veterinary care led to underwriting changes and the withdrawal of certain products in some U.S. states, calling them “difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business.”
The changes will take place at the state level and are not associated with the pet’s age, breed or prior claims history. Impacted policyholders will be notified in writing, according to the company.
“As pet lovers ourselves, we understand the emotions connected to the protection of our family pets,” Nationwide said. “We certainly empathize with the disappointment many of our pet families feel and will fully stand by the protections for which they have paid through the end of their current term.”
To date, Nationwide has policies on roughly 1.2 million pets.
Despite 2024′s tough economic conditions, the company reported a record year for sales in March, saying it notched $60.3 billion in sales over 2023 after posting two straight years of record highs in 2022 and 2021.
Nationwide said the record sales were driven primarily by the performance of its financial services business group.
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