Nationwide Pet is dropping about 100,000 policies to keep up with rising costs in vet care.
Transcript:
CONWAY GITTENS: I’m Conway Gittens reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Stocks are coming off a strong session on Wall Street with both the S&P 500 and the tech heavy Nasdaq closing at record highs. Investors are digesting weaker than expected May retail sales data. Retail sales grew 0.1 percent in May, which was below analyst expectations of 0.3 percent growth, but still a gain from the downwardly revised 0.2 percent fall in April.
In other news – Add pet care to the ever-growing list of things getting more expensive in the U.S. Nationwide, the country’s largest provider of pet insurance, says it will be cutting roughly 100,000 policies over the next year.
The reason? Taking your pet to the vet is hurting the company’s wallet.
Nationwide released a statement saying “Inflation in the cost of veterinary care 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.”
While costs vary, NerdWallet found pet insurance costs around $676 a year for dogs and $383 a year for cats for the most common policies.
Nationwide said it would honor all policies through the end of their current terms.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Conway Gittens with TheStreet.
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