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Nationwide Mutual Insurance Co. isn’t renewing about 100,000 policies covering pets in some states due to the rising cost of veterinary care.
In a release Friday, Nationwide said it’s making the move to “maintain long-term viability and profitability.”
“These measures, being taken at a state level, comply with the law and our contracts and are not associated with the pet’s age, breed or prior claims history. This will involve the nonrenewal of approximately 100,000 policies between this spring and the summer of 2025,” Nationwide said.
The company insures more than 1 million American pets, according to Insurance Journal.
Customers whose pet protection policies are being canceled will be notified, as required by various state laws. Nationwide didn’t specify which states will be affected by the cancellations.
Across the country, 24% of pet owners have insurance for their animals, according to a February survey from personal finance company NerdWallet.
In 2023, the average annual premium in the U.S. for accident and illness coverage for dogs was $675.61, with the cat cost at $383.30, according to the North American Pet Health Insurance Association.
Dogs make up 78.6% of insured pets in the U.S., with cats making up the rest, says the association.
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