PetSure (Australia) claims it has becomes the first general insurer in Australia solely dedicated to pet health insurance, after APRA granted it licence to operate under the Insurance Act 1973 (Act).
APRA has also licensed PetSure Holdings as non-operating holding company under the Act. PetSure said it was working collaboratively with stakeholders, including brand partners and the veterinary community, to implement the necessary administrative changes under the new licence.
“Today marks a watershed moment in PetSure’s history that reinforces our position as a leading enabler for pet health in Australia and an innovator in the broader insurance industry,” PetSure CEO Alex Thomas said.
The licence would enable PetSure to focus on developing systems, frameworks and processes particularly for the pet health industry, unlike other providers who catered to multiple insurance classes.
PetSure had applied for its GI licence to support its strategic objectives and commitment to pet health. The licence would give the company greater flexibility and independence to achieve its strategic objectives.
Thomas said harnessing more than 20 years of experience as a pet health insurance administrator, PetSure believed the licence would strengthen its ability to better represent the interests of its stakeholders.