Owning a pet is now a growing phenomenon among the upwardly mobile in Nigeria yet Nigerian insurers have turned a blind eye to this ever growing market segment.
Yet online giant like outsurance South Africa and Tk.cn, the online insurance unit of the Taikang insurance group of china has teamed up with two partners to offer pet insurance in china as competition heats up in this segment. Tk.cn provides vaccine insurance cover as well as direct compensation for internal and external deworming services. According to the white paper on china’s pet medical industry in 2020, the number of households in china with pets now stands at 99.8 million. While the figures in Nigeria may not be anywhere close, developing a pet insurance product will be a good start.