Nationwide, the nation’s first and largest provider of pet health insurance in the United States recently ANNOUNCED that they are taking underwriting actions that will enable the company to maintain long-term viability and profitability. Nationwide insures about 1.2 million pets. The company is dropping insurance coverage for approximately 100,000 pets across the country because of Inflation in the cost of veterinary care and other factors — this represents nearly 10% of all it’s policies.

The age, breed or prior claims history of the pets will not be factored into which policyholders get dropped, Nationwide said.

• “These measures, being taken at a state level, comply with the law and our contracts, and are not associated with the pet’s age, breed or prior claims history.”

Affected policyholders will be notified in writing. The company began sending letters to policy holders this spring and will continue into the summer of 2025.

UPDATED: JUNE 18, 2024: News Release Revision by Nationwide.

RELATED:

• Nationwide Pet takes underwriting actions to address inflationary pressures and other factors (5.29.24)
  https://news.nationwide.com/nationwide-pet-takes-underwriting-actions-to-address-inflationary-pressures-and-other-factors/
  • Our research shows that the statements contained within this news release from Nationwide Insurance has changed multiple times since it’s first publication on or about May 29, 2024 — uses the same url and these changes and or revisions are not clearly disclosed. However, you can view archived copies of this news brief to access the various revisions of this communication using the archive.org website.

• Nationwide Now Axing Pet Insurance Policyholders Everywhere. (4.22.24)
  https://thecaninereview.com/2024/04/22/nationwide-now-axing-pet-insurance-policyholders-everywhere/
  NAIC Consumer Advocate Says Regulators Must Act:
  • “This is the long-term care insurance playbook — close out one product, offer the new product to folks with less likelihood of a future claim and leave those who paid for years out in the cold. Any regulator worth their salt would stop this action — it is essentially post-claims underwriting. Even if the justification about higher claim costs were true, then the solution is to file for higher rates.”

REDDIT POSTS:

• Nationwide Pet Insurance Dropping My Dog After 9 Years
• Nationwide cuts insurance for 100K pets citing inflation. What’s next?

OTHER NATIONWIDE PET INSURANCE NEWS

Nationwide mulls strategic options for ~$750mn+ pet insurance business (6.17.22)
https://www.theinsurer.com/news/nationwide-mulls-strategic-options-for-750mn-pet-insurance-business/

• “Nationwide insurance is considering options for its ~$750mn premium pet insurance operations which could include a full or partial sale, or joint venture arrangement” according to The Insurer.

Nationwide axes popular plan following significant losses (11.4.21)
https://thecaninereview.com/2021/11/04/nationwide-drops-popular-90-reimbursement-unlimited-plan/

• “The company’s 90%-reimbursement, unlimited pet insurance offering has been deep-sixed” according to The Canine Review.

RECENT PET INSURANCE NEWS:

Pet Insurance Companies Seek Double-Digit Rate Increases in New Jersey, Up to 56 Percent (10.1.23)
https://www.pets.care/news/2023/10/pet-insurance-companies-seek-double-digit-rate-increases-in-new-jersey-up-to-56-percent/

• Premiums up 30% to 56% in one year. U.S. Congressman Josh Gottheimer asks Department of Treasury to investigate pet insurance fees nationally.