BMO Insurance is stepping into Canada's underdeveloped pet insurance market, responding to rising veterinary costs and growing pet ownership.
BMO’s strategy emphasizes early adoption, encouraging owners to insure pets while young to ensure coverage is available throughout an animal’s life and to reduce complications with pre-existing conditions. Policies are underwritten in partnership with Trupanion, selected for its digital capabilities, claims management, and consistent lifetime pricing. Certain exclusions apply, including routine preventive care, spaying and neutering, and pre-existing conditions.
The launch is also part of a broader digital insurance initiative. Pet insurance will be the first product on a unified digital platform, allowing customers to manage multiple insurance policies through a single portal. Data-driven marketing and targeted education are central to the rollout, which initially focuses on Ontario before expanding nationwide.
Pet insurance remains a small but growing segment in Canada, with penetration estimated at just 2–3% of households, compared with roughly 25% to 30% in the US and UK. Several insurers already offer coverage, including Trupanion, Petsecure, and Desjardins, but awareness remains limited. Analysts expect the market could grow 10% to 13% annually over the next decade as more Canadians recognize the financial benefits of coverage.
Rohit Thomas (pictured), CEO and president of BMO Insurance, said veterinary bills can reach thousands of dollars for emergencies, while routine care often exceeds $2,500 annually. “Pets are part of a family but they also come with a cost,” Thomas said.
“We don’t want to put a family where they have to choose,” he said. “These are real dollar costs. These are real vet costs, real medical costs.”
Thomas also highlighted low awareness and late adoption as key barriers and said insurers play a critical role in educating consumers about coverage benefits and limitations. For BMO, pet insurance represents both a market opportunity and a way to reinforce its broader mission of protecting families financially.
