Green Delta has launched the country's first insurance for pets, which the insurer sees as a milestone for the industry.

This innovative product provides crucial financial protection for beloved companion animals, covering a range of unforeseen events, including accidental injuries, critical illnesses, and specified diseases, Moniruzzaman Khan, executive director at Green Delta Insurance PLC, told The Daily Star.

Currently, the pet insurance policy will cover only dogs and cats, he said.

"The coverage for dogs ranges from Tk 20,000 to Tk 80,000, while the coverage for cats ranges from Tk 10,000 to Tk 30,000."

Sharmin Joya, a pet parent of more than two decades, said she cannot express how exciting it is to see pet insurance becoming a reality in Bangladesh.

"It's not just about covering medical costs—it's a huge step forward in recognising our pets' rights and well-being," she told The Daily Star.

"In our country, where vet bills and vaccinations can be quite expensive, this is a game-changer. For someone like me, who has multiple pets and often rescues animals, it's a real relief."

"Knowing that I can provide them with the care they deserve without constantly worrying about the cost makes all the difference," she added.

Karoby Shihab, an inhabitant of Dhaka's Mohammadpur and the owner of four cats, said she would consider taking up the insurance but only after seeing its progress in the future.

"Which pet clinic Green Delta is working with is important to all pet owners. Not all vets and clinics are trustworthy, so that is something pet owners will always consider."

"Also, the distance to and from the pharmacies and clinics that are under the coverage is something we will consider," said Karoby Shihab, also the owner of Happily Ever After, a foster home.

At critical times, the clinic's location matters, she said.

However, for those who own foster homes or have to deal with, say, 15-20 pets at a time, this insurance might be beneficial for them, she added.

At present, Green Delta's partnerships with different entities include a 15 percent discount from Aster Pharmacy on pet products and a 10 percent discount on various services at Petland, the company's executive director said.

"In just two days since February 4, Green Delta has so far sold five policies," he said.

Bangladesh's pet market has high potential, as there are about 200,000 pet owners in Dhaka and Chattogram, and 85 percent of them own cats.

"This pioneering initiative underscores Green Delta's commitment to providing cutting-edge insurance solutions and elevating the standard of pet care in the country."

The global pet insurance market was valued at $10.1 billion in 2023 and is projected to reach $38.3 billion by 2033, growing at a compound annual growth rate of 14.5 percent from 2024 to 2033, according to data from Allied Market Research.