Legal & General (L&G) has entered the UK pet insurance market with products for cats, dogs and rabbits.
The products will be sold only through direct channels initially, but L&G said it planned to make the products available through intermediaries in the future.
Pinnacle Insurance will underwrite the pet cover.
L&G said its pet insurance products combined comprehensive veterinary fees cover with extra benefits, including accidental damage caused by pets, left or straying, kennel costs if the owner is hospitalised, holiday cancellation, and third party liability.
Policyholders will also have the option of reducing their premiums by opting for a higher excess on claims.
Group product manager Graham Smith, said: “Our research shows the pet insurance market to be a significant area of growth for the future.
“Not only will the market size increase, but we also believe that there will be diversification in the routes to market through both direct sales and partnerships.
“Legal & General Pet Insurance offers an excellent range of features and the option to vary the excess will make this valuable protection available and affordable to a wide range of customers, including new audiences that perhaps have not previously considered pet protection.”
