Nationwide stated the actions are necessary to maintain long-term viability and profitability. A statement from the company read: “Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and plan availability in some states—difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business.”
Policyholders affected will be notified in writing. Nationwide insures over 1.2 million pets and is the first pet health insurance provider in the USA. The company has paid billions of dollars in claims since launching the policy forty years ago.
Nationwide further commented: “Given the current environment, our rates will continue to be fair and appropriately priced for the plan, pet, and breed. We are making these tough decisions now so that we can continue to be here for even more pets in the future.”
Nationwide Pet reaffirmed its commitment to expanding its distribution network with new partnerships alongside its existing relationships with Walmart, Petco, and Unum.
Last week, Nationwide Pet also announced it had appointed Joel Carnes to the position of Chief Pet Officer. Prior to this, Carnes served as VP of Nationwide Pet’s Operational Excellence team for the past two years.
Source: Insurance Journal
