Source: The Canine Review
Nationwide Pet Insurance is sending non-renewal letters to policyholders across the country, sparking concerns among pet owners. The company has not clarified which policies or states are affected. Former executives reveal financial struggles, indicating layoffs and a failure to make the pet insurance segment profitable. Estimates suggest at least 300,000 policyholders could be impacted.
The lack of transparency from Nationwide prompts criticism, with comparisons drawn to long-term care insurance practices. Retired NAIC consumer advocate Birny Birnbaum criticizes the move, likening it to post-claims underwriting and urging regulators to intervene. However, Nationwide’s competitor, Trupanion, declines to comment on the situation. The uncertainty raises questions about the future of pet insurance and consumer trust in insurance providers.
Read the full story HERE: https://thecaninereview.com/2024/04/22/nationwide-now-axing-pet-insurance-policyholders-everywhere/