Asia-Pacific News

Apr 23, 2009, 2:56 GMT

Hong Kong pet lovers offered insurance for surviving pooch

Hong Kong - Wealthy pet lovers in Hong Kong are offered to leave 50,000 US dollars to their dogs and cats if they outlive their owners, a news report said Thursday. Insurance company Sun Life Financial is advertising policies costing 1,300 US dollars a year to cover the cost of pet care if owners are struck down by illnesses such as cancer or heart attacks. The policies are to pay for the pampered pet's care in a 'pet hotel' or with nominated relatives and will pay out up to around 50,000 US dollars, according to the South China Morning Post. The deals are being offered at a time when pet ownership is booming in the high-rise city of 7 million and many workaholic young couples are opting for animals instead of children. 'Many Hong Kong individuals or couples do not have any children but they have pets,' insurance company chief executive Roger Steel told the newspaper. 'Many of them consider their dogs and cats to be their family, so we decided we needed to expand our insurance cover to their pets.' A financial consultant told the newspaper there was an increasing demand in Hong Kong for large sums to be left by wealthy investors to pets rather than relatives. 'I have just arranged a standby insurance trust for a lady who wants multi-million dollars' worth of insurance payments to be spent on her nine cats,' she said.

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