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India's Pet Insurance Portfolio Nears ₹50 Crore on Rising Vet Bills
India's pet insurance book nears ₹50 crore on rising vet costs. Bajaj and Universal Sompo now see Tier 2 and Tier 3 cities adding more policies.
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Bajaj General Insurance has grown its pet insurance book consistently since launching the product in 2021. Universal Sompo General Insurance reports the same pattern. Demand is showing up in Tier 2 and Tier 3 cities alongside the metros. The category is still small; industry experts put the total portfolio at about ₹40-50 crore.
“The demand for pet insurance has grown steadily and gained significant momentum in recent years,” said Amarnath Saxena, chief technical officer for commercial lines at Bajaj General Insurance. Customer adoption has been consistent since launch, he said.
Arti Mulik, chief technical officer at Universal Sompo, said the cost of treatment is the reason owners are buying cover. Veterinary care “can be costly, especially when a pet needs sudden treatment,” she said. Owners are starting to think about how they would manage those bills if something unexpected happened, she added.
Universal Sompo has had good response to its Pet Assure product. “We are seeing more awareness in Tier 2 and Tier 3 cities as well,” Mulik said. Insurers link the broader increase to changing lifestyles, particularly among nuclear families and dual-income, no-kids households.