Green Delta Insurance PLC has launched Bangladesh's first pet insurance policy, a landmark development poised to reshape the country's insurance sector and enhance animal welfare.
This pioneering initiative offers vital financial protection for companion animals, covering a spectrum of unforeseen events, including accidental injuries, critical illnesses, and specified diseases, according to Green Delta Insurance Executive Director Moniruzzaman Khan.
"Since the launch on 4 February, we have sold five policies within just two days," he added, highlighting the nascent but promising demand.
"This pioneering initiative underscores Green Delta's commitment to delivering innovative insurance solutions and raising the standard of pet care in the country," he further said.
Currently, the policy extends coverage exclusively to dogs and cats.
For canine companions, the coverage ranges from BDT 20,000 to 80,000, while for felines, it spans from BDT 10,000 to 30,000.
Pet owners have expressed their enthusiasm for the initiative.
"It is a significant stride in acknowledging our pets' rights and well-being," said one pet owner.
Highlighting the often prohibitive expenses associated with veterinary care and vaccinations in Bangladesh, some noted that the initiative can provide them with the care they deserve without the constant worry of costs making all the difference.
Green Delta has already secured strategic partnerships to enhance the policy's appeal, including a 15% discount on pet products from Aster Pharmacy and a 10% discount on various services at Petland.
Bangladesh's pet market presents substantial potential, with approximately 200,000 pet owners in Dhaka and Chattogram alone, 85% of whom are cat owners.
Globally, the pet insurance market was valued at $10.1 billion in 2023 and is projected to reach $38.3 billion by 2033, growing at a compound annual growth rate of 14.5% from 2024 to 2033, according to Allied Market Research.
