Market-Leaders, MediPet, On Why Pet Insurance Is A Necessity 

Increasing vet care costs, & humanisation of pets (compounded by Covid-19) are some of the key factors driving the market growth. SA consumers are finally catching up with the rest of the world in realising the crucial need for pet insurance. Having to put your pet to sleep only because you can’t afford that R40 000 surgery is no longer required, & in fact, pet insurance has become part & parcel of responsible pet ownership. The introduction & rise of pet insurance has done wonders for animals in South Africa & also importantly, for the vet industry. Pet owners are now encouraged to seek necessary, available (& now claimable) medical care for their pets.

Increasing advancement in vet medicine means that medical treatments are more readily available, too. The vet industry heavily relies on imports, drug licencing, equipment & supplies, & so vet bills continue to rise at a greater rate than just general consumer inflation, meaning the vet industry needs support more than ever.

Louise Griffiths, founder, CEO & vet nurse of MediPet says: “The pandemic-induced challenges, as well as general economic struggles has prompted pet parents to become aware of the responsibilities of pet ownership, & mitigating unexpected, unaffordable financial risks. There has been an increased demand for risk protection among pet parents.”

MediPet has experienced & celebrated record growth as SA’s leading pet insurance brokers, & the oldest. “Our human-to-human, pet-vet-centric philosophy is the cornerstone of our success, & directly attributes to our record-breaking claims payout rate, says Griffiths. “Vets respect & urge their clients to get MediPet’s comprehensive pet insurance. They are our biggest referral,” she says.

MediPet’s growing “family” of members call their pets “fur-babies”, & embrace their roles as pet-moms/dads. “We have seen a 360º shift in the role of pets, from providers of security & entertainment, to valued, loved, cherished ‘fur-babies’ equally deserving of the best available medical treatment when needed. Pets, just like humans, need increasingly expensive healthcare to live long, happy lives.”

Just as an example, road traffic accidents can range between R20 000 & R40 000. “A few years ago we had a gorgeous labrador that was bitten by a violin spider. His whole chest went necrotic, & was infected. It was 8 months’ worth of treatment, which amount to over R100 000!” says CEO, Griffiths. Even a bout of gastro can be around R8 000, & the average dental for a scale & polish is around R4 000.

A final cautionary note from MediPet’s founder, is to choose your cover carefully. Not all pet insurance is created equally. Many large costs are not covered if an insurer has sub-limits. Some insurers won’t cover what they deem “hereditary” conditions for your breed. Others make you jump through hoops just to claim for a hospitalisation episode with “matrixes” requiring procedures not necessary, nor in the best interests of your pets. MediPet’s investment in an inhouse claims processing vet team, & vet-designed cover is what has made them the vets’ choice.

*Allied Market Research projects compounded annual growth rate (CAGR) of 14.5% 2024-2033.

“MediPet” is brought to you by MediPet Animal Health Insurance Brokers (Pty) Ltd. (FSP Licence 32613) & is underwritten by Renasa Insurance Company Ltd, non-life insurer (FSP Licence 15491). MediPet is an Authorised Financial Services Provider.

This endorsement does not constitute financial advice.