Ageas clarifies pet insurance position following new business pause

Ageas has stressed that it remains committed to the pet insurance market after putting a temporary pause on new business for its direct pet insurance proposition.

The insurer told Insurance Times that the decision is not new, with the pause having been in place for more than two years following changes to the underwriting capacity available to it.

Crucially, the pause relates only to Ageas’s direct pet insurance proposition, while its separate broker offering remains open for both new business and renewals.

An Ageas spokesperson said: “We temporarily paused new business for our direct pet insurance proposition following changes to the underwriting capacity available to us, but we continue to support our existing customers as normal and we’re using this time to ensure any future product and proposition will continue to deliver the right outcomes for our customers.

“This is separate to the pet insurance product we offer through our broker channel, which remains open for new business and renewals and is very much fuelling our experience in this market.”

Future plans

Ageas has also stressed that it continues to see pet insurance as an important market, pointing to its recent membership of the Pet and Equine Insurance Association (PEIA).

The insurer said: “We’re very much in the pet insurance market, including joining PEIA recently.

“We’re building our knowledge and expertise in this market, working with our broker partners and thinking carefully about what we want to do in the third largest line for Personal Lines insurance, for the future.”

The comments underline that while Ageas is not currently writing new business through its direct proposition, it continues to participate in the pet insurance market through brokers and is considering how its offering could develop in the future.