Tree Digital Insurance Agency in Saudi Arabia has launched the kingdom’s one-of-its-kind pet insurance, a groundbreaking product designed to meet the growing needs of pet owners in Riyadh and beyond, and expand its digital insurance offerings.

As the only insurance product of its kind licensed by the Insurance Authority in Saudi Arabia, Tree’s Pet Insurance provides comprehensive coverage for cats and dogs, offering financial protection for pet owners against the costs of veterinary care, surgeries, medications, and more.

This product launch represents a significant milestone in Tree’s mission to fill market gaps with innovative, customer-centric solutions, a statement said.

“Today’s launch of Pet Insurance marks a pivotal moment in the evolution of Saudi Arabia’s insurance sector,” said Preeti Mundhra, a member of Tree’s executive management.

“As the first digital insurance agency in the Kingdom, we are committed to driving digital transformation and bringing innovative products to market that address the unique needs of our customers.

“This product not only protects pets but also enhances the overall support system available to pet owners, contributing to improvements in the quality of life envisioned in Vision 2030.”

Bader Alhathal, another member of Tree’s executive management, said: “This product is more than just insurance; it’s a commitment to the well-being of our pets and the peace of mind of their owners.

“By offering Pet Insurance, we are taking a significant step toward providing comprehensive, accessible, and digitally-driven solutions that cater to the modern lifestyle of our customers.”

The launch of pet insurance comes at a time when Saudi Arabia is witnessing rapid growth in pet ownership, particularly in urban centres like Riyadh.

With this new offering, Tree aims to support this growing community by providing a reliable and accessible insurance solution that ensures pets receive the care they need while also providing peace of mind to their owners.

Role of the Insurance Authority (IA)

The Insurance Authority (IA) has played a crucial role in enabling Tree to bring this innovative product to market. By lifting regulatory restrictions and granting Tree a perpetual licence earlier this year, the IA has demonstrated its commitment to fostering a vibrant, diversified private sector, in alignment with the objectives of Vision 2030.

“We are grateful for the continued support of the Insurance Authority, which has been instrumental in our journey to becoming a leader in digital insurance,” added Mundhra.

“Their commitment to innovation and public-private collaboration has been key to our success.” – TradeArabia News Service