At the Seniors Discount Club, we are dedicated to keeping you informed about important updates, including those related to the well-being of your beloved four-legged companions.

In the pet insurance sector, a recent development has caught our attention, which holds significance, especially for those who have opted to safeguard their pets through popular insurance providers like Woolworths, RSPCA, and Medibank.

Prominent brands like RSPCA, Woolworths, and Medibank faced a temporary restriction on selling pet insurance policies due to their failure to assess the financial circumstances of potential customers adequately.

Pet insurance is vital because it provides financial protection for unexpected veterinary expenses, helping alleviate the burden of costly treatments and procedures. Image by alvannee from unsplash

The Australian Securities and Investments Commission (ASIC) surprised the industry by imposing 38 interim stop orders.

These orders impacted 67 pet insurance products provided by The Hollard Insurance Company and PetSure Australia, covering a range of coverage options.

Among the big names involved were other esteemed brands such as Petbarn, Guide Dogs, Bupa, and HCF.

Here's a sigh of relief, though—Hollard and Petsure claimed to have mitigated ASIC's concerns, lifting the temporary halt.

The imposition of stop orders resulted in the affected insurers being temporarily prohibited from selling their products to new customers.

The Australian Securities and Investments Commission (ASIC) took this action in response to the insurers' failure to adequately assess the financial situations of prospective customers.

The Regulator said, ‘ASIC made the interim orders to protect consumers from acquiring pet insurance products that may not be consistent with their objectives, financial situation or needs.’

This regulatory whirlwind comes on the heels of a pandemic-related surge in pet ownership.

With average vet expenses nearing $400 for dogs and about $270 for cats, exclusions for additional medication, surgery, or emergency treatment, costs can rapidly spiral.

If you're currently covered under these brands, there is no need to worry because the stop orders don't impact existing policyholders.

The Regulator expressed concern over the insurers' failure to establish clear and measurable criteria when defining their target market.

Specifically, it highlighted the insurers' inadequate consideration of consumers' ability to afford insurance premiums and cover the upfront costs of treatments, with partial reimbursement provided by the insurer following claim approval.

Pet insurance ensures that your pet has access to quality healthcare, allowing you to make decisions based on their medical needs rather than financial constraints. Image by Goochie Poochie Grooming from pexels

This situation has emerged as a result of a focused examination conducted by ASIC on insurance target market determinations.

In simpler terms, these outline the specific individuals who should consider purchasing a particular insurance product, as well as those who may not be suitable for it.

The pet insurance sector has often been on the hot seat. Recalling CHOICE’s actions, in 2019, the entire pet insurance industry received a Shonky award for, in Patrick Veyret's words, 'emotionally manipulating' pet owners into buying less-than-optimal insurance.

‘CHOICE experts found pet insurance policies riddled with exclusions, many with unfair terms and conditions buried deep in the product disclosure statement. Some insurers have improved their products since then, but it’s clear they still need to do much better.’

But your existing policies are safe, and claims can still be made, assured the insurers.

After initial consultations with ASIC, Hollard and PetSure have resolved the concerns related to the Target Market Determination, and the stop orders have been lifted.

A PetSure spokesperson said, ‘PetSure can confirm, after consultation with ASIC, that we have addressed the concerns raised with the Target Market Determination, and subsequently, the interim stop order has been lifted.’

A Hollard spokesperson also stated, ‘Hollard can confirm after consultation with ASIC that we have addressed the concerns raised with the Target Market Determination and subsequently the interim stop order has been lifted.’

Key Takeaways

• RSPCA, Woolworths, and Medibank were briefly blocked from selling pet insurance policies due to failed consideration of customers' financial situations.
  
• The Australian Securities and Investments Commission (ASIC) issued interim stop orders affecting 67 pet insurance products provided by The Hollard Insurance Company and PetSure Australia.
  
• ASIC expressed concerns over insurers’ practice of not using objective and tangible parameters when defining their target market, undermining consumers' ability to afford premiums and upfront treatment costs.
  
• Although the stop orders were lifted, the incident has drawn attention to the issues within the pet insurance industry, prompting calls for stricter compliance and transparency.

While we can take comfort in the swift resolution of this situation, let’s remember to thoroughly research and understand any insurance policy—whether for us, our home, or our cherished paw-some family members.

Are you satisfied with the resolution of the issue and the lifting of the stop orders? How important do you consider transparency and compliance in the pet insurance industry?

 

[Heather Watson]

At the Seniors Discount Club, we are dedicated to keeping you informed about important updates, including those related to the well-being of your beloved four-legged companions.

In the pet insurance sector, a recent development has caught our attention, which holds significance, especially for those who have opted to safeguard their pets through popular insurance providers like Woolworths, RSPCA, and Medibank.

Prominent brands like RSPCA, Woolworths, and Medibank faced a temporary restriction on selling pet insurance policies due to their failure to assess the financial circumstances of potential customers adequately.

View attachment 23947

Pet insurance is vital because it provides financial protection for unexpected veterinary expenses, helping alleviate the burden of costly treatments and procedures. Image by alvannee from unsplash

The Australian Securities and Investments Commission (ASIC) surprised the industry by imposing 38 interim stop orders.

These orders impacted 67 pet insurance products provided by The Hollard Insurance Company and PetSure Australia, covering a range of coverage options.

Among the big names involved were other esteemed brands such as Petbarn, Guide Dogs, Bupa, and HCF.

Here's a sigh of relief, though—Hollard and Petsure claimed to have mitigated ASIC's concerns, lifting the temporary halt.

The imposition of stop orders resulted in the affected insurers being temporarily prohibited from selling their products to new customers.

The Australian Securities and Investments Commission (ASIC) took this action in response to the insurers' failure to adequately assess the financial situations of prospective customers.

The Regulator said, ‘ASIC made the interim orders to protect consumers from acquiring pet insurance products that may not be consistent with their objectives, financial situation or needs.’

This regulatory whirlwind comes on the heels of a pandemic-related surge in pet ownership.

With average vet expenses nearing $400 for dogs and about $270 for cats, exclusions for additional medication, surgery, or emergency treatment, costs can rapidly spiral.

If you're currently covered under these brands, there is no need to worry because the stop orders don't impact existing policyholders.

The Regulator expressed concern over the insurers' failure to establish clear and measurable criteria when defining their target market.

Specifically, it highlighted the insurers' inadequate consideration of consumers' ability to afford insurance premiums and cover the upfront costs of treatments, with partial reimbursement provided by the insurer following claim approval.

View attachment 23948

Pet insurance ensures that your pet has access to quality healthcare, allowing you to make decisions based on their medical needs rather than financial constraints. Image by Goochie Poochie Grooming from pexels

This situation has emerged as a result of a focused examination conducted by ASIC on insurance target market determinations.

In simpler terms, these outline the specific individuals who should consider purchasing a particular insurance product, as well as those who may not be suitable for it.

The pet insurance sector has often been on the hot seat. Recalling CHOICE’s actions, in 2019, the entire pet insurance industry received a Shonky award for, in Patrick Veyret's words, 'emotionally manipulating' pet owners into buying less-than-optimal insurance.

‘CHOICE experts found pet insurance policies riddled with exclusions, many with unfair terms and conditions buried deep in the product disclosure statement. Some insurers have improved their products since then, but it’s clear they still need to do much better.’

But your existing policies are safe, and claims can still be made, assured the insurers.

After initial consultations with ASIC, Hollard and PetSure have resolved the concerns related to the Target Market Determination, and the stop orders have been lifted.

A PetSure spokesperson said, ‘PetSure can confirm, after consultation with ASIC, that we have addressed the concerns raised with the Target Market Determination, and subsequently, the interim stop order has been lifted.’

A Hollard spokesperson also stated, ‘Hollard can confirm after consultation with ASIC that we have addressed the concerns raised with the Target Market Determination and subsequently the interim stop order has been lifted.’

Key Takeaways

• RSPCA, Woolworths, and Medibank were briefly blocked from selling pet insurance policies due to failed consideration of customers' financial situations.
• The Australian Securities and Investments Commission (ASIC) issued interim stop orders affecting 67 pet insurance products provided by The Hollard Insurance Company and PetSure Australia.
• ASIC expressed concerns over insurers’ practice of not using objective and tangible parameters when defining their target market, undermining consumers' ability to afford premiums and upfront treatment costs.
• Although the stop orders were lifted, the incident has drawn attention to the issues within the pet insurance industry, prompting calls for stricter compliance and transparency.

While we can take comfort in the swift resolution of this situation, let’s remember to thoroughly research and understand any insurance policy—whether for us, our home, or our cherished paw-some family members.

Are you satisfied with the resolution of the issue and the lifting of the stop orders? How important do you consider transparency and compliance in the pet insurance industry?

So which is the best insurance???

 

[mylittletibbies]

So which is the best insurance???

IMO none of them. I have 4 dogs and a cat, none of whom are insured.
There are so many exclusions in these policies and any regular expenses such as their yearly health checks and injections are not covered, do you are only basically getting covered for things such as if your pet gets hit by a car, bitten by a snake, etc
I had a friend who had pet insurance for years, as her dog got older it became ill and would need ongoing expensive treatment and meds for the rest of it's life. The company originally paid part of the costs but when the policy came up for renewal they refused to renew it.
Also if your pet does run into some very expensive costs, you are still left out of pocket quite considerably as they only cover part of the costs.
I put money aside each fortnight for unexpected costs

So which is the best insurance???

 

[AnneRobinson]

At the Seniors Discount Club, we are dedicated to keeping you informed about important updates, including those related to the well-being of your beloved four-legged companions.

In the pet insurance sector, a recent development has caught our attention, which holds significance, especially for those who have opted to safeguard their pets through popular insurance providers like Woolworths, RSPCA, and Medibank.

Prominent brands like RSPCA, Woolworths, and Medibank faced a temporary restriction on selling pet insurance policies due to their failure to assess the financial circumstances of potential customers adequately.

View attachment 23947

Pet insurance is vital because it provides financial protection for unexpected veterinary expenses, helping alleviate the burden of costly treatments and procedures. Image by alvannee from unsplash

The Australian Securities and Investments Commission (ASIC) surprised the industry by imposing 38 interim stop orders.

These orders impacted 67 pet insurance products provided by The Hollard Insurance Company and PetSure Australia, covering a range of coverage options.

Among the big names involved were other esteemed brands such as Petbarn, Guide Dogs, Bupa, and HCF.

Here's a sigh of relief, though—Hollard and Petsure claimed to have mitigated ASIC's concerns, lifting the temporary halt.

The imposition of stop orders resulted in the affected insurers being temporarily prohibited from selling their products to new customers.

The Australian Securities and Investments Commission (ASIC) took this action in response to the insurers' failure to adequately assess the financial situations of prospective customers.

The Regulator said, ‘ASIC made the interim orders to protect consumers from acquiring pet insurance products that may not be consistent with their objectives, financial situation or needs.’

This regulatory whirlwind comes on the heels of a pandemic-related surge in pet ownership.

With average vet expenses nearing $400 for dogs and about $270 for cats, exclusions for additional medication, surgery, or emergency treatment, costs can rapidly spiral.

If you're currently covered under these brands, there is no need to worry because the stop orders don't impact existing policyholders.

The Regulator expressed concern over the insurers' failure to establish clear and measurable criteria when defining their target market.

Specifically, it highlighted the insurers' inadequate consideration of consumers' ability to afford insurance premiums and cover the upfront costs of treatments, with partial reimbursement provided by the insurer following claim approval.

View attachment 23948

Pet insurance ensures that your pet has access to quality healthcare, allowing you to make decisions based on their medical needs rather than financial constraints. Image by Goochie Poochie Grooming from pexels

This situation has emerged as a result of a focused examination conducted by ASIC on insurance target market determinations.

In simpler terms, these outline the specific individuals who should consider purchasing a particular insurance product, as well as those who may not be suitable for it.

The pet insurance sector has often been on the hot seat. Recalling CHOICE’s actions, in 2019, the entire pet insurance industry received a Shonky award for, in Patrick Veyret's words, 'emotionally manipulating' pet owners into buying less-than-optimal insurance.

‘CHOICE experts found pet insurance policies riddled with exclusions, many with unfair terms and conditions buried deep in the product disclosure statement. Some insurers have improved their products since then, but it’s clear they still need to do much better.’

But your existing policies are safe, and claims can still be made, assured the insurers.

After initial consultations with ASIC, Hollard and PetSure have resolved the concerns related to the Target Market Determination, and the stop orders have been lifted.

A PetSure spokesperson said, ‘PetSure can confirm, after consultation with ASIC, that we have addressed the concerns raised with the Target Market Determination, and subsequently, the interim stop order has been lifted.’

A Hollard spokesperson also stated, ‘Hollard can confirm after consultation with ASIC that we have addressed the concerns raised with the Target Market Determination and subsequently the interim stop order has been lifted.’

Key Takeaways

• RSPCA, Woolworths, and Medibank were briefly blocked from selling pet insurance policies due to failed consideration of customers' financial situations.
• The Australian Securities and Investments Commission (ASIC) issued interim stop orders affecting 67 pet insurance products provided by The Hollard Insurance Company and PetSure Australia.
• ASIC expressed concerns over insurers’ practice of not using objective and tangible parameters when defining their target market, undermining consumers' ability to afford premiums and upfront treatment costs.
• Although the stop orders were lifted, the incident has drawn attention to the issues within the pet insurance industry, prompting calls for stricter compliance and transparency.

While we can take comfort in the swift resolution of this situation, let’s remember to thoroughly research and understand any insurance policy—whether for us, our home, or our cherished paw-some family members.

Are you satisfied with the resolution of the issue and the lifting of the stop orders? How important do you consider transparency and compliance in the pet insurance industry?

Absolutely! After getting a small claim from RSPCA knocked back some time ago over some excuse. We have been in doubt if pet insurance is all it promises when our pet is unwell?

 

[mylittletibbies]

Absolutely! After getting a small claim from RSPCA knocked back some time ago over some excuse. We have been in doubt if pet insurance is all it promises when our pet is unwell?

I put the amount that the insurance would have cost me in a separate savings account. So far I am ahead.
I am very careful with a well enclosed yard, self shutting gate( it's amazing how many people do not shut a gate behind them, despite the sign requesting them to do so).
I am not against insurance as such, have house and contents, car, etc. but have never heard anybody getting a good deal from pet insurance.
Over the years I have had a few big vet bills, but still find overall I am still ahead by not paying the insurance money. Hope I haven't jinxed myself by saying that

 

[maxesmum]

I absolutely agree. With four pets and insurance companies requiring you insure each individually and nine times out of ten you get knocked back on a claim,I’ve turned to vetpay. They will cover my bill,allow me repayments I can manage and they don’t care which pet it is. Also,I can put the account into credit,which I have done,and it’s there when I need it.

 

[Subduedshilo]

These so called insurance companies are not there to lessen the financial burden for a pet that needs medical attention. They are all there just to rip off customers and make a quid for themselves. Save your money peeps and put it in a seperate savings account.

 

[Penny4]

I've never had pet insurance. I take my cat to a local Vet private practice, which is owned by the Vet. It costs more $ with Vet Chains. Greencross Vets are notorious for it. They try to upsell with their products, and want unnecessary tests carried out.

 

[DrivingGirl]

IMO none of them. I have 4 dogs and a cat, none of whom are insured.
There are so many exclusions in these policies and any regular expenses such as their yearly health checks and injections are not covered, do you are only basically getting covered for things such as if your pet gets hit by a car, bitten by a snake, etc
I had a friend who had pet insurance for years, as her dog got older it became ill and would need ongoing expensive treatment and meds for the rest of it's life. The company originally paid part of the costs but when the policy came up for renewal they refused to renew it.
Also if your pet does run into some very expensive costs, you are still left out of pocket quite considerably as they only cover part of the costs.
I put money aside each fortnight for unexpected costs

Some vets carry Best for Pets which covers all vaccinations/ all consultations as many as required per year/ 4 claw trimmings/ $200.00 off dental checks/ one blood work check and quite a few other things which are usually not covered- it’s not perfect but you don’t have to think twice before taking your pet to the vet if you’re worried- the consult will be including- cost 1 pet $45/ month, bit if a discount for 2 or more.