Pets Plus Us has announced a partnership with the Canadian Federation of Independent Business (CFIB) to extend pet insurance benefits to more than 100,000 small businesses and their employees throughout Canada.
Financial details of the agreement were not disclosed. This collaboration aims to provide financial support to pet owners by covering eligible veterinary expenses. Through this partnership, CFIB members, their employees, and their families will gain access to discounted pet insurance plans, offering up to $15,000 in annual coverage for covered accidents and illnesses. The insurance encompasses consultations, examinations, emergency care, hospitalization, medication, surgery, anesthesia, and referrals to specialists. Additionally, the insurance includes 24/7 emergency telehealth support, the Pet Poison Helpline, and pet bereavement support services.
Eric Coulson, senior managing director of insurance growth, expansion, and strategy in Canada at Pets Plus Us, stated that the company is dedicated to enhancing pet health and well-being while making pet insurance more accessible to small business owners and their employees. CFIB President and CEO Dan Kelly highlighted the escalating demand for pet insurance, stating that the partnership is designed to offer extra value to members by ensuring coverage is more affordable.
The North American Pet Health Insurance Association (NAPHIA) released its annual State of the Industry report last November, revealing that the number of insured pets in North America rose 16.6% to approximately 6.3 million, up from 5.4 million in 2022. The pet insurance market is projected to continue its growth trajectory. Key drivers of this growth include an increasing pet population, higher insurance adoption rates in developing regions, and rising veterinary costs.
Pet insurance plays a vital role in mitigating the costs associated with serious medical conditions, which have become increasingly concerning due to the rising expenses of veterinary services. Veterinary expenses for accidents or illnesses can exceed $500 per visit in Canada, with some surgeries costing over $1,000. Considering almost 60 percent of Canadian households own pets, the potential for unexpected veterinary expenses presents a significant financial challenge.
The insurance policies offered by Pets Plus Us are underwritten by the Northbridge General Insurance Corporation.
