The new regulations that involve covering the civil liability of our petsThe insurance policy for our furry friends is a driving force. According to the latest data published by the Association of Pet Food Manufacturers (Anfaac), there are around 30 million pets living with their owners in Spain, more than 9 million of them being dogs. With the to regulate and improve their living conditionsLast September, the Law for the Protection of the Rights and Welfare of Animals came into force. Therefore, in Grupo Galilea, we examine what this new regulation has meant in relation to pet insurance.
The Animal Protection Law has introduced new responsibilities for animal owners. Although some regulatory aspects have yet to be developed, its entry into force has accelerated the projects that were already underway for gradually incorporating pets into the insurance worldproviding them with new coverage and services which broaden companies' possibilities by incorporating this new insurable population, according to José Ponce, DSMascotas' Assistance Director.
Alfonso Palacios, general manager of Pet Assistance at Detriavall Group, explains that as service providers for insurance companies, they have observed two effects: many companies have included civil liability in their veterinary products and/or have created new solutions that offer veterinary care and assistance services together with civil liability. In addition, there has been an increase in the number of insurance companies interested in veterinary services due to the awareness of this law.
José María Maté, head of motor and personal lines at Allianz Seguros, believes that the entry into force of the law represents an opportunity for insurance companies due to the increase in demand for pet insurance. According to the Law, owners must take out and maintain third-party liability insurance for damages to third parties for the entire life of the animal if they own a dog.
Currently, only one in four owners have dog insurance in Spain, according to the OCU. One obligation that the new regulations will bring is that owners will be required to have liability insurance when the law is regulated. Alfonso Palacios points out that they have observed how civil liability is being incorporated into existing veterinary products and how new products are being created that include additional services such as veterinary assistance.
José María Maté also points out that since the new law came into force, the number of owners who are concerned about insuring their pets' civil liability has increased, either with specialized products or by extending existing coverage such as home insurance.
According to José Ponce, the obligation to take out pet liability insurance is one of the main aspects on which other value-added services to be included in the policy are focused. Although certain specific aspects such as the minimum scope of this insurance have yet to be regulated, all these services are being developed and are accelerating their growth.
José Ponce points out that approximately three out of every five proposals submitted by companies last year were for pet services. This year an increase in proposals is expected as more and more companies are betting on this insurable segment to offer new services and ensure continued growth.
Finally, Alfonso Palacios points out that from previous years to 2023 there has been a significant increase in the number of policyholders they serve, with an average increase of 25%. This trend continues through 2024 according to first quarter data.
The Animal Protection Law has introduced new responsibilities for animal owners. Although some regulatory aspects have yet to be developed, its entry into force has accelerated the projects that were already underway for gradually incorporating pets into the insurance worldproviding them with new coverage and services which broaden companies' possibilities by incorporating this new insurable population, according to José Ponce, DSMascotas' Assistance Director.
Alfonso Palacios, general manager of Pet Assistance at Detriavall Group, explains that as service providers for insurance companies, they have observed two effects: many companies have included civil liability in their veterinary products and/or have created new solutions that offer veterinary care and assistance services together with civil liability. In addition, there has been an increase in the number of insurance companies interested in veterinary services due to the awareness of this law.
José María Maté, head of motor and personal lines at Allianz Seguros, believes that the entry into force of the law represents an opportunity for insurance companies due to the increase in demand for pet insurance. According to the Law, owners must take out and maintain third-party liability insurance for damages to third parties for the entire life of the animal if they own a dog.
Currently, only one in four owners have dog insurance in Spain, according to the OCU. One obligation that the new regulations will bring is that owners will be required to have liability insurance when the law is regulated. Alfonso Palacios points out that they have observed how civil liability is being incorporated into existing veterinary products and how new products are being created that include additional services such as veterinary assistance.
José María Maté also points out that since the new law came into force, the number of owners who are concerned about insuring their pets' civil liability has increased, either with specialized products or by extending existing coverage such as home insurance.
According to José Ponce, the obligation to take out pet liability insurance is one of the main aspects on which other value-added services to be included in the policy are focused. Although certain specific aspects such as the minimum scope of this insurance have yet to be regulated, all these services are being developed and are accelerating their growth.
José Ponce points out that approximately three out of every five proposals submitted by companies last year were for pet services. This year an increase in proposals is expected as more and more companies are betting on this insurable segment to offer new services and ensure continued growth.
Finally, Alfonso Palacios points out that from previous years to 2023 there has been a significant increase in the number of policyholders they serve, with an average increase of 25%. This trend continues through 2024 according to first quarter data.
Source: Galilea Group
