Colombia: Love for Pets Leads to Insurance
Owning a family pet has become a growing trend across Latin America. In Colombia, the phenomenon has led many to purchase pet insurance. Pet policies shot up by about 200% between January and June 2021, compared to the same period in 2020. This data comes from Fincomercio, a savings and credit cooperative that offers pet insurance. In Colombia, seven out of ten households have a pet, 2,000 pets were adopted in 2020, and the market for pet products will reach $125 million USD by 2023. Pet insurance offers a number of benefits, ranging from veterinary care and cosmetic assistance to funeral services.
