Only 1% of South African pets insured: why this protection gap matters

South Africa is a nation known for its love of pets, boasting one of the highest rates of pet ownership globally.

Only about 1% of these beloved companions are covered by insurance. With the steadily rising costs of veterinary care, up by as much as 15% in 2018 alone, this alarming protection gap leaves millions of families in a precarious financial position when their pets require medical attention.

Kavisha Parbhoo, Head of Strategy and Product at Miway, emphasised the emotional bond South Africans have with their pets.

"In South African homes, pets aren’t just animals, they’re family," she said.

"Yet caring for them is becoming increasingly expensive and many families don’t have the right financial support, often coming under pressure with tough decisions when their pets need care the most."

Recognising the urgent need for affordable pet insurance, Miway has launched Mipet Insurance, a product designed to bridge the financial protection gap.

"Pet insurance is becoming increasingly necessary for South African pet owners, but many of the options available on the market are quite complicated," Parbhoo explains.

"With Mipet, our goal is to offer cover that is clear, straightforward and stress-free, reflecting the same principles that guide all our customer offerings."

Developed in partnership with a specialised pet insurance provider boasting over a decade of experience, Mipet Insurance aims to demystify the complexities often associated with pet coverage. Parbhoo points out common pitfalls in the existing market, where high annual limits can mask low per-claim limits, leaving pet owners vulnerable when they need assistance the most.

"With Mipet, we wanted straightforward cover that provides reliable financial support when our customers have a claim," she said, reinforcing that pet owners deserve clarity, transparency, and peace of mind regarding their pets’ health decisions.

Mipet Insurance offers three tailored plans to accommodate a variety of pet owner needs:

• The Premium Plan: Comprehensive protection that covers accidents, illnesses, day-to-day vet visits, in-hospital care, and Lifestyle Benefits such as puppy classes and grooming.
• The Core Plan: A more affordable option focusing on solid cover for major illnesses, in-hospital care and accidents, tailored for families seeking dependable protection.
• The Accident Plan: Entry-level cover for unexpected accidents, providing a budget-friendly safety net for pet owners wanting essential protection without extensive extras.

Parbhoo assures that Mipet is designed to empower all South Africans to protect their pets with confidence and has been meticulously developed to align with the needs of pet owners.

“Importantly, this commitment doesn’t stop at the purchase stage; Mipet customers can have peace of mind knowing they’ll receive the same trusted service Miway is known for," she said.

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