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Insurance regulators recognized the growing need for more standard and comprehensive pet insurance guidelines.
It is not uncommon to see workers' comp cases hinge on whether the injuries both arose out of and in the course of their employment.
While 28% of dog owners said the vet is their biggest monthly cost, just 2% reported having pet insurance.
The pet insurance regulatory standards would require certain consumer disclosures, among other provisions.
The North American Pet Health Insurance Association estimates around 4.41 million pets were insured at the end of 2021.
North America's pet insurance sector exceeded $2.83B during 2021, which saw in-force premiums grow 30%.
In 2021, dog-related claims, including bites, accounted for more than one-third of all homeowners liability claim dollars paid.
Pet insurance plans covering the veterinary costs associated with diagnosing behavioral problems in pets is as an attractive solution to pandemic-related mental health concerns.
According to a survey from Nationwide, 32% of workers would switch jobs for a company that offered pet insurance and pet-related PTO.
The commonwealth saw a large uptick in pet ownership in recent years, according to the insurtech.
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