SuperValu Insurance is expanding into the pet market in an attempt to become a “one-stop shop” for customers’ cover as part of a strategic expansion of its insurance division.
“There are about 500,000 pet insurance policies in the country,” said Garry O’Sullivan, head of SuperValu Insurance , “but that only covers about 30 per cent of the number of pets that are owned in Ireland”.
He noted a “70 per cent gap in pet owners that don’t have insurance” with the numbers taking out policies having grown following the Covid-19 pandemic. He said the small number of pet insurance providers in the sector allows SuperValu to “give an extra choice to consumers”.
SuperValu Insurance has partnered with global insurer Cover-More, with whom, Mr O’Sullivan said, they have “tried to negotiate the best deals we can”, which has allowed them to “bring a best product to market”.
The company is expecting the launch of pet insurance to increase its overall insurance policies by about 1,000 in its first year, adding to an existing customer base of about 60,000 following “incremental growth year on year”.
The retailer’s pet insurance offering will include lifetime cover for pets and vet fee cover for pets of up to €6,000, which SuperValu said is the “highest level of veterinary cover currently available in the Irish market”.
[ Pet insurance: Why owners must pay a price for peace of mindOpens in new window ]
Mr O’Sullivan said bills for family pets “can run up quite sizeably year on year” in cases where ongoing medical care is required.
“We cover all of that, so our product is well positioned to serve our customer,” he said.
SuperValu launched its first insurance policies, travel cover, in October 2014 before later expanding into car and home insurance in May 2015.
SuperValu made life and mortgage protection cover available last year and also offers a specialist learner driver insurance package.
“We want to be the one-stop shop for customers’ insurance,” said Mr O’Sullivan.
He said SuperValu “will always look at opportunities to expand” into new insurance sectors based on interest from the customer base.
He did not comment on what specific sectors it is considering but said the company will be “exploring other avenues in 2026 and 2027″.
As with all SuperValu insurance coverage, customers will be given a €40 shopping voucher when a new policy is purchased, which Mr O’Sullivan said is a reward for customer’s loyalty to the brand. The cover will go beyond injury or illness and also provide access to a lost-and-found pet reward service.
Cover-More Europe’s chief product officer, Jason Whelan, said the underwriter is “excited to work with SuperValu Insurance to ensure their customers have access to lifetime cover for their cherished pets”.
