Nationwide to drop roughly 100,000 pet insurance policies

The Street
The Street
  • 3 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why Nationwide is dropping 100,000 pet insurance policies.

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Transcript
00:00I'm Conway Higgins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Stocks are coming off a strong session on Wall Street with both the S&P 500 and the
00:08tech-heavy Nasdaq closing at record highs.
00:11Investors are digesting weaker-than-expected May retail sales data.
00:14Retail sales grew 0.1 percent in May, which was below analysts' expectations of 0.3 percent
00:21growth, but still a gain from the downwindly revised 0.2 percent fall in April.
00:27In other news, add pet care to the ever-growing list of things getting more expensive in the
00:32U.S. Nationwide, the country's largest provider of pet insurance, says it will be cutting
00:37roughly 100,000 policies over the next year.
00:41The reason?
00:42Taking your pet to the vet is hurting the company's wallet.
00:45Nationwide released a statement saying, quote,
00:48Inflation in the cost of veterinary care and other factors have led to recent underwriting
00:53changes and the withdrawal of some products in some states, difficult actions that are
00:58necessary to ensure a financially sustainable future for our pet insurance line of business.
01:04While costs vary, NerdWallet found pet insurance costs around $676 a year for dogs and $383
01:11a year for cats for the most common policies.
01:14Nationwide said it would honor all policies through the end of their current terms.
01:19That'll do it for your daily briefing.
01:21From the New York Stock Exchange, I'm Conway Gittins with the Street.

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