In a paw-sitive development for Singapore’s canine and feline residents, CIMB Bank Singapore has launched its My Paw Pal pet insurance product.

The product, which is offered in partnership with Sompo Insurance Singapore, covers domestic dogs and cats and is available in a basic plan and two optional covers. The basic policy covers accidental death, medical expenses due to an accident, and cremation or burial expenses due to an accident or third party liability. The optional covers include loss of animal due to theft, medical expenses and cremation or burial expenses due to illness.

According to a statement by CIMB, premiums start at around SG$75 annually.

To be eligible for the insurance coverage, the pet has to be between 12 weeks and seven years old, and microchipped. Owners that wish to have their dogs insured must also register them with the Agri-Food and Veterinary Authority (AVA) of Singapore.

The insurance policy covers only dogs and cats, so owners of hamsters or lovebirds may have to wait until another product comes around. However, this already could be considered an improvement in pet insurance in Singapore, as pickings for cat owners are quite slim, with the market leaning heavily towards dogs.

“CIMB My Paw Pal is the second insurance product we have specially created for CIMB customers,” said Koh Yen Yen, chief distribution officer of Sompo Insurance Singapore. “During our research of the pet insurance offered in the market, we found only a handful of plans cover pet cats. Being a feline owner myself, I’m happy that our plan offers another option for cat lovers to consider."