At the outset, you should note that I am advised by the Central Bank of Ireland that pet insurance is not a defined insurance class, of its own, under the European Union (Insurance and Reinsurance) Regulations 2015 and it is therefore not possible to determine which firms provide this type of insurance, nor the levels of revenue obtained from such insurance. However, notwithstanding this, my officials have been in contact with Insurance Ireland in respect of this matter and were informed that Insurance Ireland is aware of four providers for this type of insurance at present.
In relation to the issue of whether a claim made on a condition in a particular year will render it uninsurable in future years, it is important to be aware that neither I nor the Central Bank of Ireland can interfere in the provision or pricing of insurance products, as these matters are of a commercial nature, and are determined by insurance companies based on an assessment of the risks they are willing to accept. This position is reinforced by the EU framework for insurance which expressly prohibits Member States from adopting rules which require insurance companies to obtain prior approval of the pricing or terms and conditions of insurance products.
My understanding is that when making their individual decisions on whether to offer pet insurance cover and what terms to apply, insurers, as with any other type of non-life product, use a combination of rating factors. Such factors include the relevant claims record, and the insurer’s own past claims experience generally.
