PetSure has received a license from the Australian Prudential Regulation Authority (APRA) to operate as a general insurer under the Insurance Act 1973, making it the first general insurer in Australia dedicated to pet health insurance.
Additionally, APRA licensed the pet insurer as a non-operating holding company (NOHC) under the act.
PetSure CEO Alex Thomas said the license will give the insurer greater flexibility and independence to achieve its strategic objectives.
“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,” Thomas said. “Harnessing over 20 years of experience as a pet health insurance administrator, we believe the license will strengthen our ability to better represent the interests of our stakeholders. Becoming a standalone insurer will help us unlock greater innovation and advocate for better customer outcomes.”
PetSure applied for its general insurance license to support its strategic objectives demonstrating its commitment to pet health. Specifically, the license will enable the insurer to focus on developing systems, frameworks, and processes unique to the Australian pet health industry.
“We are committed to excellence in product and service delivery, in line with industry best practice. Our focus and our passion remain unchanged,” Thomas said.
Despite the transition, customers will not experience any service disruption and will continue to see and use PetSure's insurance products.
“Existing customers will remain on the Hollard license during the transition period, while new customers will be insured under the PetSure license as Partner brands transition. In time, all customers will be offered policies under the PetSure license,” Thomas said.
