For more than a few of us, pets hold a special place in our hearts and our lives as loved and cherished members of our family. Through the companionship and unconditional joy they bring us, our lives are only enriched by their presence. And, every day, more and more South Africans are coming to know the special bond shared between pet and owner.
In fact, a recent study on the growth of South Africa’s pet industry shows that 45% of all adults in the country are pet owners, 81% of whom own dogs. Additionally, 27% of pet owners are cat lovers. But, as more South Africans extend their families with the addition of pets to their household, they also need to take their care into consideration.
Just like with any other member of the family, pets can get sick or hurt or simply need to get regular health checkups. However, getting the appropriate care for them at a veterinary clinic can be quite costly. Vaccinations as well as flea and tick control can cost around R500 per round, annual checkups around R700, and neutering can cost between R750 and R4 000 depending on if its a male or female cat or dog, while more serious accidents such as a broken leg can cost a minimum of R15 000 and hospitalisation between R200 and R300 per day.
“Dealing with, what can often be, the astronomical costs of veterinary care could leave many families struggling with a significant financial burden as they try to ensure their beloved companions receive the care they deserve,” says Mishaya Chettiar, Executive Head at Everything.Insure. “Luckily, people have more access to comprehensive pet insurance than ever before. More than just a financial safety net, pet insurance is peace of mind in a policy, helping to offset the stress of unexpected veterinary bills while prioritising the health and wellbeing of your furry family members.”
Reflecting the global pet insurance industry, projected to be worth R189.03 billion by 2026, the local pet insurance market is also surprisingly mature and very competitive with a number of options for owners to choose from. Although relatively new in relation to the insurance industry as a whole, pet insurance has actually been available in South Africa since the 90s. Today, not only can South Africans purchase pet insurance from existing insurance companies that already sell multiple types of insurance, but they can also purchase policies from companies who solely cater to pets as well as traditional financial institutions like banks and even retailers.
Chettiar notes that this is largely because a growing number of South Africans are recognising the importance of having pet insurance. As pet ownership grows, so too does the country’s pet insurance market.
This also means, however, that choosing the right policy can be difficult to navigate. Usually, the biggest determinant for consumers in making this decision, when it comes to any type of insurance, has been to simply compare prices and select the policy with the most affordable cover. But, through the rise of insurtech companies, consumers have access to a greater level of transparency when it comes to the intricacies of insurance policies than ever before. Now, they can make side-by-side comparisons of insurance plans that go beyond just looking at premiums, gaining a better understanding of exactly what is (and more importantly, what isn’t) covered.
As Chettiar notes, however, some basic knowledge can go a long way. She says it’s similar to knowing the difference between a full-scale medical aid and a hospital plan.
“There are similar differences for pet insurance,” she says. “Accident cover, for example, is more affordable than cover for a disease or chronic pet illness. An insurance offering that looks more like a hospital plan will cover the former but not the latter, while a full medical aid will cover both. So you have to look at what you are getting.”
Another big thing she believes that consumers need to be aware of is the limits of specific policies. Some dominant players in the sector, for example, have limits as low as R10 000 to R15 000. So, if a pet has an emergency costing more than that the owner will have to put in their own money.
Beyond that, Chettiar encourages pet owners to compare offerings specific to their animals and breeds.
“With the diverse and varying needs across both different species and breeds of pets, pet owners require detailed comparisons that extend beyond merely premiums as they need to be able to make informed decisions that ensure their pets are sufficiently protected,” she says . “For example, breeds like pugs who are notorious for their breathing and joint issues necessitate coverage that addresses their specific medical needs, but because these are well-known issues for the breed there are some insurers that might place a high premium on these pets or exclude certain medical procedures that will likely be needed in future in relation to these issues.”
“By offering comprehensive insights into coverage options tailored to their pets’ specific needs, pet owners can navigate the nuances of breed or species-specific coverage without unnecessary financial burden,” she adds. “Insurtech companies like ours are simplifying the pet insurance purchasing journey by providing easy-to-understand policy information. But, more importantly, as the first digital insurance marketplace in the world, we’re enabling consumers to compare different pet insurance products, at their exact prices, ensuring they have the right product at the right price.”
The reason you get medical aid for yourself and your family is that you want peace of mind that if anything happens, you will be able to be cared for. With the right product, you should be able to have the same peace of mind for your pet at an accessible price.
