Scores of pet owners will have to find new insurance for their furry friends after Nationwide said it will stop offering some policies in certain states.
The company revealed Friday it planned to withdraw some of its pet insurance offerings in "some states" in a "difficult" move that would cause 100,000 pets to lose their coverage. The owners of those pets will not receive renewals for their policies when they reach the end of their current terms between this spring and the summer of next year, according to Nationwide.
Veterinary services in May were up a staggering 7.6% compared to the same time last year, the latest Consumer Price Index data released by the Bureau of Labor Statistics showed. From the prior month, they increased 0.3%. "Like for other health care sectors, the cost of delivering veterinary medical services continues to rise," Dr. Rena Carlson, president of the American Veterinary Medical Association, said in a statement to FOX Business.
Last year, the North American segment of the industry notched $4.27 billion from premiums, according to the North American Pet Health Insurance Association. That figure was 21.9% higher than 2022. America and its over 5.6 million insured pets accounted for $3.91 billion worth of the North American pet insurance premiums in 2023, the association reported.
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