Nationwide nixes 100K pet insurance plans, citing rising cost | KLRT [Video]

(The Hill) — Nationwide Insurance says it plans to cancel pet insurance coverage for about 100,000 animals across the nation, citing rising veterinary costs.

The cancellation of the thousands of coverage plans will take place between now and next summer as part of the company’s efforts to “maintain long-term viability and profitability,” Nationwide said in a statement on Friday.

“As pet lovers ourselves, we understand the emotions connected to the protection of our family pets. Inflation in the cost of veterinary case 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 added.

Nationwide said the cancellations will not be based on a pet’s age, breed or prior claims, and those impacted will be notified in writing ahead of time.

Policyholders will still have the same protections …