Nationwide to drop about 100,000 pet insurance policies [CBS News]
NerdWallet, Inc. (NRDS)
Company Research
Source: CBS News
The canceling of thousands of coverage plans starts now and will continue through next summer as part of the company's efforts to "maintain long-term viability and profitability," Nationwide said Friday in a statement "Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business," it stated. The cancellations will not be based on a pet's age, breed or prior claims, and the owners of those impacted will be notified in writing ahead of time, according to the 90-year-old Columbus, Ohio-based company. Pet insurance has grown in popularity, with 24% of pet owners purchasing coverage, a NerdWallet study found in February. Nationwide was found by NerdWallet to be the best insurance for exotic pets. But for broad coverage, the ASPCA placed at the top of the list Nationwide's an
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