Pet insurance on the rise: Brokers must act now!

Pet insurance on the rise: Brokers must act now!

In 2024, a total of 33.9 million pets lived in households in Germany. Pets include a variety of animals, including dogs, cats, small mammals, pet birds, pet fish, and terrarium animals. The popularity of these animals is also reflected in the numbers: 44 percent of all households own at least one pet. This development has led to a growing demand for pet insurance, especially pet health insurance.

Hanse Merkur has been reporting increasing demand for animal insurance since the end of 2022. This increase is due to several factors. A key reason is the appreciation of pets as full members of the family. In addition, awareness of comprehensive insurance in the event of illness has increased. The introduction of a new veterinary fee schedule (GOT) has also increased veterinary costs, prompting pet owners to look more closely at pet insurance to minimize financial risks.

Increasing demand for pet insurance

The demand for pet insurance is particularly strong among pet owners who have already experienced high treatment costs. Insurance brokers see this as an attractive business area. However, they often have a lack of experience with these specific products. Dr. Johannes Neder from Vema emphasizes the need for brokers to take pet insurance seriously and inform customers accordingly. There is a clear need for training here, especially with regard to the correct approach to customers and the emotional aspects associated with pets.

Advice on pet insurance can be made emotionally appealing, which makes it easier to access other insurance topics. The increasing focus on pet insurance could also have a positive impact on the broader insurance industry.

Financial perspectives

When it comes to choosing appropriate financial institutions, there are numerous options available. The selection ranges from traditional banks to online banks. Recent research has evaluated various financial institutions, including household names such as Bank of America, Ally Bank, and Capital One, to name a few. These banks offer a wide range of services that can help potential customers achieve their financial goals.

Research into the best online banks is based on information from various financial institutions. The list of banks evaluated is long and diverse, which means that customers should carefully consider which bank offers the best conditions for their individual needs. The banks listed include Chase, Citibank, Wells Fargo and many others, each with different strengths and offerings.

The combination of increasing demand for pet insurance and the variety of financial institutions available shows that there is potential for growth and innovation in both the insurance and banking sectors.

For more information about pet insurance and its evolution, consult Cash Online and for an extensive list of recommended online banks visit Forbes.