Congresswoman Pamela Hunter (D-Syracuse) speaks at a press conference.
At least two state legislators want to make pet insurance available to New Yorkers.
New York becomes the newest state in the country to accept pet insurance, joining Maine, California, Washington and Mississippi. Rep. Pamela Hunter (D-Syracuse) and Sen. Neil Breslin (D-Albany) recently introduced a bill (A.8276/S.7845) that would allow the issuance of insurance policies that cover accidents and pet illnesses. Submitted to the state legislature.
“This bill aims to establish a comprehensive regulatory framework for the pet insurance industry in New York State. This legislation creates a uniform definition, increases protections for owners, and generally regulates “Several states, including California and Maine, have already adopted similar laws,” Breslin and Hunter wrote in their justification for the legislation.
Pet insurance laws in Maine, Mississippi, and Washington follow the Model Pet Insurance Law adopted in August 2022 by the National Association of Insurance Commissioners. This model requires insurers to clearly disclose exclusions. Limiting and Prohibiting Waiting Periods in Certain Conditions or Circumstances. Differentiate between wellness plans and insurance. Specifies training for people who want to sell pet insurance.
The Associated Press reported in 2023 that the pet insurance industry's annual premiums in 2021 were approximately $2.8 billion, an increase of more than 30% from 2020, according to the National Association of Insurance Commissioners. Approximately 4 million pets are insured in the U.S. According to the 2023-24 American Pet Products Association (APPA) National Pet Owner Survey, 86.9 million households, or 66% of U.S. households, own a pet. They reported spending an estimated $143.6. The cost of veterinary care and products (pet food, treats, supplies, live animals, OTC drugs, veterinary care, product sales, and other services) in 2023 was $1 billion, and the actual cost in 2022 was $1,368 increased from $1 billion.
Mississippi State Sen. Walt Michel (R) said during consideration of the Mississippi bill that pet insurance primarily covers illnesses such as broken bones and cancer. Injuries that are expensive to treat, such as a torn anterior cruciate ligament in dogs, may require a one-year waiting period under most insurance policies. Mississippi's bill does not apply to pet life insurance.
