Insurance partner Sandra Jones authored an article for The Legal Intelligencer that discusses the rising popularity of pet insurance. She highlights that the increased number of insured pets is attributed to the increased number of new pet owners, the strengthened bond between existing pets and their owners while working from home, and the rise of mental distress reported in pets during the COVID-19 pandemic.
Jones notes that insurance regulators are also paying closer attention to pet insurance and how, as of summer 2021, the NAIC has taken the fairly advanced view that pet insurance operates with similarities to health insurance for humans. According to the NAIC, pet insurance includes exclusions, various levels of coverage, deductibles, and payment limits.
She concludes that, as the pet insurance marketplace continues to grow and develop and a model law is released, it is likely that many state regulatory schemes will evolve.