Make it easier to compare and change animal insurance

Press release

Demand for veterinary care has increased substantially in recent years. Better possibilities for comparing animal insurance could lead to holding down costs for animal owners. That is indicated in a new report from the Swedish Competition Authority that proposes, among other things, amending the Consumer Services Act so that animals also are included.

Demand for veterinary care has increased substantially in recent years. Better possibilities for comparing animal insurance could lead to holding down costs for animal owners. That is indicated in a new report from the Swedish Competition Authority that proposes, among other things, amending the Consumer Services Act so that animals also are included.

Pet owners in Sweden are European champions when it comes to insuring their animals. The country’s animal owners paid insurance companies almost SEK 4 billion last year. At the same time, it is difficult to compare terms among insurance companies. Premiums, terms, what is covered by the insurance and various types of deductibles make comparisons very difficult for owners.

Pets increasingly are considered members of the family, and there is a great willingness to pay if they become ill. Swedish animal owners are consuming more and more veterinary care. That is evident from the Swedish Competition Authority’s report “Better competition if more change animal insurance – only half received full compensation.”

“Having greater possibilities for making comparisons among the insurance companies would strengthen competition, and it would benefit owners,” says Rikard Jermsten, Director General of the Swedish Competition Authority.

In the experience of many animal owners, the insurance coverage is limited. Fewer than half of those who participated in an investigation conducted by the Swedish Competition Authority responded that they received full compensation after the deductible was paid at their last visit to the veterinarian.

In the report the Swedish Competition Authority proposes that the industry or other interested parties develop services allowing prices and terms on animal insurance to be compared.

The Consumer Services Act currently does not cover animals, which makes it hard to complain about a faulty treatment, among other things. This should be changed, the Swedish Competition Authority proposes. The ability to change animal insurance also should be improved, and this would in turn lead to increased competition. “The limited opportunity to change animal insurance today has a locked-in effect that does not benefit the animal owners,” Rikard Jermsten points out.

For additional information, please contact:
Jimmy Dominius, Press Officer, tel. +46 (0)76-542 15 80, jimmy.dominius@kkv.se
Leif Nordqvist, Project Manager, tel. +46 (0)8-700 16 92

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