It’s a Dog’s Life

Since the consumer is not very aware, nor is insurers really organized – dog insurance has not really taken off.

Many Insurers in the public and private sector have previously shown interest in offering to cover dogs – for canine lovers - even though it is not very popular.

Dogs are insured under the pets insurance which is a very popular category in foreign countries. According to IRDA, a policy for dogs has been approved but even so the number of policies issued is comparatively very low.

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Future Generali India offers general insurance for dogs along with cattle, horses and camels. “Though there is no limit on the sum assured and it depends on the breed of the dog, this segment is very small and we have only a handful of policies,” said K G Krishnamurthy Rao MD and CEO.

Other insurers both from the public and private sectors face the same issue, although insurance on cattle in the rural sector is good.

New India Insurance, Oriental Insurance, Future Generali and Bajaj Allianz all offer pet insurance under which is the category for dogs. The sum assured ranges from RS 15000 – 30000 – depending on the breed as mixed breeds are insured for lesser amounts than pure breeds. The claim is processed when a dog dies due to an accident or a disease (not a pre-existing condition). Ashok Patil, head of rural insurance at Bajaj Allianz felt that “Pet insurance does not have a focused approach in India. But, it has a lot of scope, especially in the health insurance segment”.

Health Insurance
Health insurance has emerged as one of the fastest growing segments in the non-life insurance industry with 30% growth in 2010-11 with annual premium collections being over Rs 6,000 crores.

Anuj Tyagi – head of corporate business and rural agricultural business said “We offer livestock coverage like cattle insurance policy and sheep & goat insurance policy in the rural areas. It’s a portfolio we look at with interest, though the portfolio at this stage is very small.”

Consumers look for add-on services, like Satish Mehra a 35 year old, has a 5 year old Labrador – he has not insured him as he feels the policies are too basic, . “I purchased my dog from an international owner and would expect world-class services. There should be separate treatment for international breeds and cannot be standardized under one policy.”

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It’s a Dog’s Life–Insurance

Since the consumer is not very aware, nor is insurers really organized – dog insurance has not really taken off.