Saturday, July 13, 2024

MICO launches insurance for pets

MICO launches insurance for pets

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Malayan Insurance Co. Inc. received the greenlight from the Insurance Commission (IC) to make available a protection program for pet owners and their canine pets.

Known as Pet Care Insurance, the new product provides pet dogs coverage such as reimbursement for any veterinary treatment or confinement in a vet hospital expense if the insured dog gets into an accident or acquires sudden illness, as well as a personal accident (PA) and owner’s liability coverage for dog owners.

Payment for incurred expenses from any third party damages that the insured pet becomes legally liable will also be covered. The owner’s liability benefit covers instances such as their pet dogs accidentally biting other people.

Based on the National Rabies Prevention and Control Program manual of the Department of Health (DOH), a total of 1.1 million animal bites were registered in the year 2018.

Broken down, 276 animal bite victims died due to the rabies infection, with 42 percent of the bite victims having ages ranging from 15 years and below.

Furthermore, the PA protects the insured dog owner in the event of accidental death, disablement, and dismemberment while the policy is in force.

Dogs qualified under Pet Care have to be between six months to eight years old, and currently vaccinated as prescribed by the Philippine Animal Hospital Association (PAHA).

The introduction of an insurance product for pets in the country, specifically for dogs, is part of Malayan Insurance’s plan to produce more innovative products that the company can offer to the general public. It is the company’s way of continuing to push efforts in providing relevant insurance protection to Filipinos in every possible way.

Malayan Insurance is the leading non-life insurance company in the Philippines, and a member of the Yuchengco Group of Companies (YGC).