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Fri, 01/10/2025 - 08:49
In a significant move to cater to the rising pet ownership trends in Singapore, Liberty Insurance has announced the enhancement of PetCare, its pet insurance product, effective 10 January 2025. This initiative reflects our commitment to meeting the evolving needs of pet owners, especially as veterinary and other pet-related costs continue to rise.
Expanded Plans & New Benefits
One significant enhancement is the expansion of product plans from three to five, allowing pet owners to choose coverage that best suits their individual needs and financial considerations. The enhanced product lineup includes new benefits that aim to provide comprehensive support for pet owners, ensuring that they can make informed decisions regarding their furry companions.
Two new benefits have been added:
1. Final Expenses Benefit: This feature covers the expenses incurred for euthanasia, cremation, funeral services, and handling charges following the accidental death of an insured pet. Acknowledging the emotional toll of losing a beloved pet, this benefit aims to relieve some of the financial burdens during a difficult time.
2. Wellness Care: This includes coverage for routine check-ups, vaccinations, dental care (teeth cleaning or polishing), and spaying/neutering. This proactive approach encourages pet owners to maintain their pets' health, reflecting a growing awareness of preventative care in veterinary medicine.
Jennie Tan, Head of Product A&H at Liberty Insurance, expressed her enthusiasm about the enhancements: “We believe that the new plans with additional benefits and expanded benefit limits will enable more pet owners to secure the coverage their pets require. Pet insurance is vital to responsible pet ownership, and we encourage owners to invest in the health of their furry family members.”
Pet Ownership Trends in Singapore
Liberty Insurance has been a pioneer among the select few insurers offering pet insurance in Singapore with the launch of PetCare in 2014. The demand for PetCare has grown over the years, paralleling a rise in pet ownership. According to a Euromonitor International report, the pet dog population in Singapore was around 114,000 in 2023, up by almost 3 per cent from 2019. The pet cat population was around 94,000 in 2023, up by almost 10 per cent from 2019. With rising medical costs, more pet owners are becoming aware of the importance of having insurance coverage, recognizing it as a necessary investment in their pets' well-being.
The introduction of the cat licensing framework on 1 September 2024 further influences pet ownership trends. Under this framework, up to two cats can now be kept in any HDB residential unit, provided they are microchipped and registered. This change not only promotes responsible pet ownership but also increases the pool of eligible pets that can be insured under PetCare.
With the newly enhanced PetCare offerings, Liberty Insurance is poised to better serve the needs of Singapore's expanding pet population, ensuring that pet owners can provide the best care for their pets. As more individuals embrace the joys and responsibilities of pet ownership, we are here to support them at every step.
Purchase PetCare online directly at: https://www.libertyinsurance.com.sg/petcare