Pet insurance packages usually range in price from a few tens to several hundred Singapore dollars (SGD). But this cost is not so much compared to the rapidly increasing veterinary costs, which can reach tens of thousands of SGD for a single operation.

Coverage from medical treatment to … burial

Ms. Lim, 49, said she bought insurance for her dog from 2015 with a compensation value of SGD 6,000.

“My dog ​​often runs across the street and is prone to accidents” – she explained. Despite no accident, the dog was hospitalized for biting each other with another dog. The cost of tests and surgery is up to SGD 600 and thanks to insurance, Ms. Lim only pays half the amount.

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More and more people in Singapore buy insurance for pets like Ms. Lim because veterinary expenses in this country are extremely expensive. The cost of the routine examination was several hundred SGD while a major surgery could cost up to SGD 20,000.

“In Singapore, the number of people keeping pets is increasing and so does the veterinary cost … Farmers are also gradually comfortable investing in pet welfare”, Channel News Asia quoted Mr. Ho Kai Weng, leader Singapore Insurance Association, said.

Insurance companies in Singapore currently have many pet insurance packages, ranging in price from SGD 75-750, with payments such as treatment costs, third party compensation or even burial of a deceased pet. .

Expensive like people

Dr Jaipal Singh Gill of the Singapore Animal Violence Prevention Association said inflation and management costs caused veterinary services in the country to skyrocket. “For example, the cost of human resources and the price of drugs and medical equipment has also increased,” said Gill.

Ms. Lim also said that the cost of taking care of her pets is increasing. “Dogs use eye drops too. But their prices are between SGD 10-20,” she said.

According to MSIG Insurance Company, it used to pay up to SGD 8,500 for the treatment of a dog with bone cancer that lasted for three months last year. However, the dog also died.

With expensive veterinary expenses, insurance companies are forecasting that the demand for pet insurance in Singapore will increase.

Insurance company MSIG said its pet insurance sales grew by an average of 18% per year over the past three years while CIMB also reported huge demand with its pet insurance package it launched in April. 2019.