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<keyword id="19896016" type="General" weightage="20" keywordseo="new-delhi" source="keywords">New Delhi</keyword>, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword> on Tuesday reported a 22 per cent increase in consolidated net profit to Rs 2,158 crore for the December quarter. The diversified financial services group had earned a net profit of Rs 1,782 crore in the year-ago period. The company's total income increased to Rs 29,038 crore in the third quarter of the ongoing fiscal from Rs 21.755 crore in the year-ago period, <keyword id="19950210" type="General" weightage="20" keywordseo="bajaj-finserv" source="keywords">Bajaj Finserv</keyword> said in a regulatory filing. Interest income during the quarter increased to Rs 13,922 crore as against Rs 10,430 crore in the same period a year ago. Total expenses also moved up to Rs 23,609 crore from Rs 17,336 crore in the same quarter a year ago. During the quarter, its subsidiary <keyword id="20386524" type="General" weightage="20" keywordseo="bajaj-allianz-life-insurance-company" source="keywords">Bajaj Allianz Life Insurance Company</keyword> posted shareholders' profit at Rs 108 crore from Rs 81 crore, registering an increase of 33 per cent. Non-life arm <keyword id="20231667" type="General" weightage="20" keywordseo="bajaj-allianz-general-insurance" source="keywords">Bajaj Allianz General Insurance</keyword> profit remained flat at Rs 281 crore as compared to Rs 278 crore in the year-ago period.

Bajaj Finserv Q3 profit rises 22% to ₹2,158 crore

New Delhi, <keyword id="47209" type="General" weightage="20" keywordseo="finance-ministry" source="Orion">Finance Ministry</keyword> would consider capital infusion in three loss-making public sector general insurance companies based on their financial performance of nine months. The infusion if required would be made in the fourth quarter of the current financial year, sources said. According to sources, the finance ministry last year asked three insurers -- National Insurance Company Limited, <keyword id="94451" type="General" weightage="80" keywordseo="oriental-insurance-company-limited" source="Orion">Oriental Insurance Company Limited</keyword> and <keyword id="356117" type="General" weightage="80" keywordseo="united-india-insurance-company" source="Orion">United India Insurance Company</keyword> -- to chase bottomlines rather than topline and underwrite only good proposals. The financial review would give some idea about the impact of restructuring initiated on the profitability numbers and the solvency margin, sources said. The solvency margin is the extra capital the companies must hold over and above the claim amounts they are likely to incur. It acts as a financial backup in extreme situations, enabling the company to settle all claims. The government last year provided Rs 5,000 crore capital to three insurers -- National Insurance Company Limited, Oriental Insurance Company Limited and United India Insurance Company. Kolkata-based National Insurance Company Limited was given the highest, Rs 3,700 crore, followed by Delhi-based Oriental Insurance Company Limited (Rs 1,200 crore) and Chennai-based United India Insurance Company (Rs 100 crore). According to sources these companies have been asked to improve their solvency ratio and meet the regulatory requirement of 150 per cent. The solvency ratio is a measure of capital adequacy. A higher ratio reflects better financial health and the ability of the company to pay claims and meet future contingencies and business growth plans. Barring the solvency ratio of <keyword id="6369780" type="General" weightage="80" keywordseo="new-india-assurance" source="Orion">New India Assurance</keyword>, this key indicator of the three public sector general insurance companies stood below the regulatory requirement of 150 per cent. During 2019-20, the government infused Rs 2,500 crore in these three companies. It increased substantially to Rs 9,950 crore in the following year and Rs 5,000 crore in 2021-22. In all, the government infused Rs 17,450 crore into these insurance firms so far to improve their financial health. Public sector general insurance companies are undergoing various reforms, including organisational restructuring, product rationalisation, cost rationalisation and digitalisation. For efficient use of capital and to push profitable growth, the sources said, a set of key performance indicators linked reforms have been initiated by all public sector general insurance companies effective 2020-21, when the maximum capital infusion was made. Of the four state-run general insurance companies only New India Assurance Company is listed on the stock exchanges, the remaining three are wholly owned by the government. The government has already announced its intention to privatise one general insurance company. To facilitate privatisation, Parliament has already approved amendments to the General Insurance Business (Nationalisation) Act (GIBNA). Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> in the Budget 2021-22 announced a big-ticket privatisation agenda, which included two public sector banks and one general insurance company. "We propose to take up the privatisation of two public sector Banks and one general insurance company in the year 2021-22. This would require legislative amendments," she had said.

Govt may infuse capital in PSU general insurers in Q4 based on performance

What is the right time to make a <keyword id="20224622" type="General" weightage="100" keywordseo="motor-insurance" source="keywords">motor insurance</keyword> claim? While there are no right answers, you generally make a claim if your car or bike has suffered serious damages in an accident, which will cost a bomb to repair! But did you know that you could also make a claim if your car or bike was damaged by, well, a coconut? Surprised? <keyword id="20081892" type="General" weightage="20" keywordseo="Digit-Insurance" source="keywords" meta.keywordsubtype="org" meta.entityname="Digit Insurance" meta.hostid="261" meta.entityid="Digit Insurance">Digit Insurance</keyword>, which is backed by ace Indian cricketer Virat Kohli, recently released some interesting data in this regard. Per the company, by the end of FY24, it had paid out almost Rs 1.68 crore in claims related to over 1,500 cases where the damage was caused by an innocuous coconut! <cmsannotation type="cmsannotation" annotationid="Monkeys go coconuts!" comment="subhead" text="Monkeys go coconuts!"><keyword id="20243262" type="General" weightage="20" keywordseo="monkeys" source="keywords">Monkeys</keyword> go coconuts!</cmsannotation> Well, if you don't believe a coconut can wreak this kind of havoc, think again. The company reported receiving more than 350 cases of <keyword id="19986918" type="General" weightage="20" keywordseo="vehicle-damage" source="keywords">vehicle damage</keyword> in just 2023, where the good old coconut was the culprit! The maximum claims stemmed from Maharashtra. The average claim amount was around Rs 10,000. If you’re away from the coast, you’ll have to battle your neighborhood's dogs and monkeys! Monkey’s seem to have a special liking for motorcycles, given that Digit reported setting over 1,200 claims worth Rs 40 lakh towards damage to 2-wheelers caused by monkeys in FY 2023-24. The cases saw a 40% jump on a YoY basis. Since Digit’s inception in 2017, the company has seen more than 85,000 claims where the primary cause of vehicle damage was an animal. Out of these, dogs were the main reason behind 7% of such claims in FY 2023-24, triggering payouts of over Rs 30 crore. <cmsannotation type="cmsannotation" annotationid="The mayhem of dogs and goats" comment="subhead" text="The mayhem of dogs and goats">The mayhem of dogs and goats</cmsannotation> As per the company’s internal claims data, Indira Nagar in Lucknow seems to be the epicentre of dogs unleashing damage on vehicles. The company reported paying more than Rs 6.7 lakh towards 110 claims received from this location. If, on an unfortunate day, your bike ever gets in an accident, how much do you imagine the damage payout would be? Well, in some cases, like of a luxury bike, which was damaged upon accident with a goat, the <keyword id="22121817" type="General" weightage="20" keywordseo="accidental-damage-payout" source="keywords">accidental damage payout</keyword> went as high as Rs 6.75 lakh. <cmsannotation type="cmsannotation" annotationid="Motor Insurance on the rise" comment="subhead" text="Motor Insurance on the rise">Motor Insurance on the rise</cmsannotation> As per data from the annual report of insurance regulator <keyword id="6361421" type="General" weightage="20" keywordseo="IRDA" source="Orion">IRDA</keyword>, the motor segment saw a YoY growth of about 15.4% in <keyword id="21608709" type="General" weightage="20" keywordseo="premium-collection" source="keywords">premium collection</keyword>, from Rs 70,433 crore in 2021-22 to Rs 81,280 crore in 2022-23. The average <keyword id="19989676" type="General" weightage="20" keywordseo="claim-settlement-ratio" source="keywords">claim settlement ratio</keyword> of India’s motor insurance industry has also been on a steady rise, going from 81.3% in 2021-22 to 84.48% in 2022-23. Additionally, the incurred claims ratio, or the proportion of claims paid as against premium received also noted a marginal rise, from 81.30% in 2021-22 to 84.48% in 2022-23. All in all, save your precious cars or bikes from the terror of monkeys, dogs, coconuts and more. If you are yet to get a comprehensive vehicle insurance for your two or four wheeler, do so at the earliest!

Dogs, coconuts and monkeys: Insure your vehicles from their mayhem right now!

<ul class="summary-list"><li>Climate change is increasing the severity of natural disasters — and home insurance prices.</li><li>For those moving to a climate-risk state, there are some steps you can take to protect your home.</li></ul>Finding an affordable home in a red-hot real estate market is already a tremendous feat.And now, in addition to rapidly rising prices, home buyers are increasingly worried about another factor: climate change.According to Zillow, more than 80% of home buyers considered climate risks — including flood, wildfire, and hurricane — when shopping for a house.In particular, climate change complicates the homebuying process by sending <a target="_blank" href="https://www.businessinsider.com/climate-change-homeowners-insurance-premium-costs-crisis-skyrocketing-states-hurricanes-2024-10">home insurance premiums skyrocketing</a>. As storms and other natural disasters become more destructive, home insurance providers are raising rates or pulling out of certain states altogether, according to insurance company Insurify.According to Holden Lewis, a home insurance expert at NerdWallet, climate change is hitting states such as California, Florida, North Carolina, Tennessee, Virginia, Texas, Oklahoma, Kansas, and Nebraska the hardest — and wildly disrupting these states' home insurance markets.If you're looking to purchase a house in these high-risk markets, here's what you need to know about rapidly rising home insurance rates.<h2 id="4ca151ec-b6df-44db-821b-3b925503bc08">How to navigate the insurance landscape when moving</h2>As climate change exacerbates the frequency and severity of natural disasters, homes are at higher risk of damage. Insurance companies in turn are raising prices to cover the higher costs of covering claims and reinsurance, or insurance for insurance companies.According to financial data firm Bankrate, the national average cost of home insurance is $2,285 a year for up to $300,000 of dwelling coverage. But in high climate-risk states such as Nebraska, Florida, and Oklahoma, average annual premiums range from $4,835 to $5,655.It might seem obvious, one step homebuyers can take to avoid surprises is consider home insurance costs early in the homebuying process, Lewis said. As insurance premiums increase, they can materially impact your monthly housing payments and push a home out of your affordability zone.Prospective buyers shopping for homes in a new state are especially prone to insurance sticker shock, according to Lewis. For example, if you're thinking of moving from Ohio to Texas, you might not be aware that the average homeowners insurance rate in cyclone-prone Texas is $3,916 a year — $2,600 more than in Ohio, Lewis pointed out.Still, climate-risk states remain popular. According to <a target="_blank" href="https://www.uhaul.com/Articles/About/U-Haul-Announces-Top-Growth-States-Of-2023-30660/">U-Haul</a>, Texas and Florida received the highest influx of new residents in 2023.Many of these newcomers might not have done their homework on the home insurance market before moving to the state, according to Stephanie L., homeowner and lifelong Florida resident who asked not to use her full last name for privacy reasons.There's a lack of consumer awareness of the financial risk extreme weather brings, in Stephanie's opinion. "If you purchase a beautiful home on a river, you have to understand that with the way storms come in, you could be at risk," Stephanie told Business Insider in an interview.Even within climate-risk states, you can minimize your home's exposure to extreme weather and bring down insurance premiums by researching the local neighborhood.When Stephanie bought her house, she picked a location in the Jacksonville metropolitan area, which has less exposure to hurricane risk than other areas of the Sunshine state."We definitely looked for high and dry, not in a flood zone, and not in a hurricane evacuation zone," Stephanie said.Indeed, Jacksonville home insurance premiums are significantly lower than Florida's state average of $5,527, with homeowners paying an average of $2,705 a year for insurance according to Bankrate.Next, when it comes by a natural disaster, you want to ensure that the insurance policy can fully cover rebuilding costs. Many policies offer dwelling coverage limits in line with the market value of the house, but that's not always sufficient coverage, according to Lewis."The market value of the house the day before a fire or storm might be less than the actual cost to rebuild it to current building codes," Lewis said.For prospective homebuyers, Lewis recommends clarifying the dwelling coverage limit with the insurance agent and shopping around for available policies.Also important to note is that flood coverage often isn't included in standard homeowners insurance policies. This is an important consideration if you're looking to buy a house in an area prone to hurricanes."If water is rising, say from a river, or storm surge, then a standard homeowners policy will not cover that damage," Lewis said.Stephanie purchased flood insurance in addition to her regular homeowners insurance when she purchased a home."I also have a separate flood policy even though I'm not in a floodplain," she said. "When you're not in a flood zone, flood insurance is pretty affordable."Although Stephanie isn't at high risk for flooding, she still wants to be prepared for the worst. It's not a bad idea to go the extra mile and purchase extra insurance when it comes to buying a home in Florida, even if you're not directly in a flood zone.In addition to hurricane-prone Gulf Coast states, regions like western North Carolina, eastern Tennessee, and southern Virginia are flooding hotspots, according to Lewis.Lastly, homeowners also should consider how inflation will drive up home insurance costs, especially as concerns over inflation loom high in today's economy. An inflationary environment will increase the cost of building materials and construction, Lewis pointed out.As a result, it may be a good idea to review your coverage every year or two to evaluate the status of your coverage, Lewis said."Talk to the agent, maybe even talk to a general contractor just to find out, 'Hey, am I still covered? Do I still have enough coverage to pay to rebuild this home?'" Lewis suggested.For those considering buying a home in a state with high levels of climate risk, taking these precautions during the homebuying process can help you protect your investment.

Buying a home in one of these 9 climate-risk states? Here's how to deal with spiking home insurance rates from someone who lives in one

<ul class="summary-list"><li>Connected-car services might be sharing your data with insurance companies.</li><li>Drivers told The New York Times about massive reports on their driving habits.</li></ul>Your driving habits aren't as private as you think they are, according to a recent report from <a target="_blank" href="https://www.nytimes.com/2024/03/11/technology/carmakers-driver-tracking-insurance.html">The New York Times</a>.Internet-connected vehicles can gather data on driving habits, including hard braking and rapid accelerations, and share that information with the data broker LexisNexis, which works with insurance companies to create personalized coverage.One <a target="_blank" href="https://www.businessinsider.com/chevy-bolt-euv-cheap-electric-car-suv-price-2022-12">Chevrolet Bolt</a> owner who spoke with the Times said he uncovered a 258-page report on his driving habits when he inquired about a 21% increase in his insurance costs.Other owners in the story reported the same experience: <a target="_blank" href="https://www.businessinsider.com/personal-finance/best-car-insurance-companies">Insurance costs</a> skyrocketed, and when they inquired about what was going on, the insurance companies encouraged them to check their LexisNexis reports.General Motors' <a target="_blank" href="https://www.businessinsider.com/gm-follows-tesla-with-onstar-car-insurance-product-2020-11">OnStar</a> Smart Driver service is a focus of the Times report. Some drivers who were enrolled in Smart Driver told the Times that their insurance costs went up. GM has offered connected OnStar services for decades. It's historically been used to connect drivers to emergency services and navigation.<a target="_blank" href="https://media.chevrolet.com/media/us/en/chevrolet/bcportal.html/currentVideoId/4313843204001/pnId/1/typeId/c/currentChannelId/Most%20Recent.html">Smart Driver</a> is a newer offering within OnStar, launched in 2016. It allows drivers to track their driving habits and improve their safety through a gamified experience in which you can collect badges for braking gently and following speed limits.GM confirmed to The New York Times that it shared "select insights" with LexisNexis and pointed out that Smart Driver was an optional service that the owner could turn off.Some drivers who spoke with the Times insisted their insurance costs went up even when they weren't enrolled in Smart Driver. The Times cites a GM company manual that suggests dealer salespeople could receive a bonus for enrolling people into the service.GM told Business Insider Smart Driver is an optional service that requires customers to consent three times before data is shared, and said that customers can unenroll at any time.GM told the Times, "When a customer accepts the user terms and privacy statement (which are separately reviewed in the enrollment flow), they consent to sharing their data with third parties."If you own a <a target="_blank" href="https://www.businessinsider.com/gm-hybrids-plan-good-for-car-dealers-and-shopper-2024-1">GM car</a> (Chevrolet, Cadillac, Buick, or GMC) with OnStar services, you can check whether you're enrolled in Smart Driver on your car's app — MyChevrolet, MyBuick, etc. Some drivers have shared on Reddit instructions for <a target="_blank" href="https://www.reddit.com/r/BoltEV/comments/1535ohe/psa_chevyonstar_automatically_opts_in_all_bolt/">unenrolling</a> from the service.Update: March 11, 2024 — This story was updated with a comment from General Motors.

Your car might be secretly recording every drive you take &mdash; and sending data to your insurance company

Gina Papini honestly isn't sure whether she got taken for a ride on <a target="_blank" href="https://www.businessinsider.com/personal-finance/should-i-get-pet-insurance">pet insurance</a>, but it's pretty clear she didn't get much bang for her buck.Papini and her husband decided to add coverage for their two dogs and their cat when it was offered in 2021 as a bundle with their home-insurance plan. It seemed like a simple way to protect their pets' health. But the whole endeavor wound up being a headache. The pets' <a target="_blank" href="https://www.businessinsider.com/personal-finance/what-is-an-insurance-premium-definition-cost">combined premiums</a> cost hundreds of dollars a month, she says, and the coverage proved far less comprehensive than they anticipated. The couple never really needed to use the insurance for their two younger animals, and for their older dog, Kato, the process was a mess. Whenever Kato wound up at the vet, usually with stomach issues, they'd pay the bill and then submit it to the insurance company, which would then balk at reimbursing them."We thought it would save us money in the long run if we got it, but then they would refute claims and say, 'Well, this could have been a preexisting condition,' and preexisting conditions aren't covered," Papini said. "You need extra vet paperwork to back up that it wasn't. And so then you just get to a point where you're jumping through so many hoops."Papini and her husband got tired of dealing with all the rigamarole and axed their insurance plan after a year. Despite paying thousands of dollars in premiums, they never saw a single reimbursement.<a target="_blank" href="https://www.businessinsider.com/half-owners-say-pets-equal-human-family-member-survey-2023-7">People love their pets</a>, and they're willing to do a lot for them, <a target="_blank" href="https://www.businessinsider.com/protect-finances-pets-likely-recession-2022-11">financially</a> and otherwise. The American Pet Products Association has estimated that Americans spent $147 billion on their animals in 2023, including $38 billion on their healthcare. This level of attachment has helped turn the pet insurance industry into a lucrative and rapidly expanding market. The North American Pet Health Insurance Association found that pet owners in the US paid $3.9 billion in premiums in 2023, a 22% increase from the year before. Some 6.25 million pets in the US were insured as of the end of 2023, per NAPHIA. That's still a small fraction of all the pets in the country, given that there are over 80 million pet dogs and 60 million pet cats, according to the American Veterinary Medical Association. But it's growing.As pet insurance becomes more prevalent, so too do the questions about it. While some people swear by it, others think it's a scam. One thing is for sure: As the industry grows, pet insurance is becoming as <a target="_blank" href="https://www.businessinsider.com/insurance-companies-get-you-to-pay-more-deny-claims-2023-10">confusing and messy</a> as health insurance is for humans. It's barely regulated, and deciphering what it does and doesn't encompass can be super confusing. Just like <a target="_blank" href="https://www.businessinsider.com/how-to-fight-rejected-insurance-claims-2013-11">regular health insurance</a>, coverage for pets often winds up being riddled with loopholes and fine print that allows insurers to deny claims, declining to pay for the very care that motivated consumers to buy the policy in the first place. Because consumers pay up front, they often don't realize they won't be reimbursed until it's too late. Pet insurance gets pricier over time, meaning many people can no longer afford to keep their coverage just when they might start to need it.In short, pet insurance isn't a grift — some people do end up using their benefits. But for many people, insuring their furry friends ends up being a money suck.Pet insurance isn't technically even health insurance; it falls in the property-and-casualty category. It's generally regulated pretty lightly by states. There are no broad federal regulations around it, and only a handful of states have laws and standards around it specifically. How it usually works is people pay a monthly premium, and after they've paid a vet bill, they submit it to the insurer to try to get their money back. Just as with human health insurance, there are also deductibles and copays and annual limits on how much the policy will pay out. There are three categories of pet insurance: accident only; accident and illness; and accident, illness, and wellness. Adding more coverage makes the policy more expensive. Accident and accident-illness policies cover costs only if something goes awry — Rover gets into a rough fight at the dog park or develops arthritis. Fancier, more-comprehensive policies also cover wellness visits and preventive care, like dental care and vaccines. No matter the policy you choose, insurance <a target="_blank" href="https://www.businessinsider.com/personal-finance/average-cost-pet-insurance">can get expensive fast</a>. Premiums generally go up each year as a pet gets older. And <a target="_blank" href="https://www.businessinsider.com/soaring-home-car-insurance-rates-hurting-americans-finances-us-economy-2023-11">as with many insurance products</a>, pet-insurance premiums across the board are on the rise because of inflation and the increasing cost of care."The big problem with pet insurance is it's just an expensive product," said Kevin Brasler, the executive editor of Consumers' Checkbook, a consumer watchdog group. "If you're going to be one of these plans, buy it when your pet's young, but just know your costs are likely going to skyrocket as time goes on."Even if a pet owner can find an affordable policy, they may have trouble deciphering what's covered. <a target="_blank" href="https://www.businessinsider.com/personal-finance/preexisting-conditions-in-dogs">Pet insurance almost never covers preexisting conditions</a>, and what <a target="_blank" href="https://www.businessinsider.com/what-counts-pre-existing-condition-bcra-trump-obamacare-2017-7">qualifies as preexisting</a> can be quite broad and hard to parse. (It's wild that <a target="_blank" href="https://www.businessinsider.com/obama-jimmy-kimmel-healthcare-preexisting-conditions-2017-5">we used to do this for people</a>, by the way.) If you get a policy for your puppy before it has a chance to develop any problems, it might be a good deal. But if you have a 10-year-old dog with diabetes, that's a different story. I got some quotes from the website Pawlicy Advisor for my fictional dog, a mixed breed named Dan. When I changed the inputs to make Dan a six-month-old in optimal health, the platform recommended a policy starting at $28 a month. When Dan was 10 and had some issues, the first policy it suggested was $125, and some plans were about $350.Michael San Filippo, a spokesperson for the American Veterinary Medical Association, said in an email that the group endorsed the "concept" of pet health insurance, which can help keep vet costs down and save animals' lives, but he acknowledged that when the rubber hits the road, it can get hard to figure out."It's important that pet owners understand the scope of what their pet insurance does and does not cover, so they're not caught off guard by unexpected payments," he said.Even getting good advice on which pet-insurance policy is right for you can be a challenge. There are endless listicles recommending various policies, as well as websites dedicated to comparing insurers. The sheer volume of information can be hard to parse. It's also difficult to differentiate what is genuine advice and what's paid for. Many comparison tools get <a target="_blank" href="https://www.businessinsider.com/how-to-earn-six-figures-with-affiliate-marketing-websites-2023-5">commissions for sales</a> made through their platforms, so what they're recommending may not actually be the best option — it's just the one <a target="_blank" href="https://www.businessinsider.com/youtube-creators-discuss-new-affiliate-program-rates-features-2024-3">they'll make money off of</a>. (This is <a target="_blank" href="https://www.businessinsider.com/the-affiliate-marketing-report-how-mainstream-publishers-are-turning-performance-based-marketing-into-a-fine-art-2015-11">true for all sorts of platforms</a> that compare and recommend financial products, from credit cards to travel insurance.) The spread of these lists also points to another problem with the industry: the corporatization of pet insurance. Doug Kenney, a retired veterinarian who writes about the pet-insurance industry, said in an email that a decade ago, most pet-insurance companies were considered small businesses and were led by a founder/CEO with a vision for the company. Over time, these companies took on larger corporate structures, and some founders were pushed out by their boards. Nowadays, there are many large pet-insurance companies, some of which specialize only in pets, others of which are larger insurers that offer pet insurance, and many of which are publicly traded, meaning they ultimately answer to shareholders."This new structure has been a detriment to the industry with profit as the primary motive versus what is in the best interest of the consumer," Kenney said. "I used to say that pet insurance was a win, win, win proposition with the insurance company, veterinarians, and the policyholders and their pets all benefiting. I don't think that's the case anymore."Reporting this story, I fully expected to come down on one side or the other on whether pet insurance is good or bad. But I really didn't come up with an answer. I heard about a wide array of experiences with pet insurance, from awesome to mediocre to awful. One woman saved $4,000 on vet bills thanks to her insurance after her cat ate a pom-pom toy and the doctor had to fish it out. One man looked into getting coverage for his two cats after learning that both had extra teeth, but the minute they were documented, those overcrowded mouths became a preexisting condition. Another woman adopted a dog from Mexico with a "pretty wonky leg" that's "very noticeable." At her first vet appointment with the animal, the doctor told her to apply for pet insurance. She said she wouldn't note the leg on the dog's chart so the application would be approved — everyone agreeing to do a <a target="_blank" href="https://www.businessinsider.com/insurance-fraud-artificial-intelligence-detection-2023-10">light amount of insurance fraud</a>. In a purely financial or economic sense, pet insurance seems pretty worthless for many consumers. There are too many exceptions, too many hoops to jump through, and little regulatory recourse if you think you got taken for a ride. Unless something goes really awry, people pay more into their policies than they get out of them. Brasler was pretty blunt in his assessment of the overall product."You really need to think carefully about 'What kind of pet owner am I?' No judgments," he said. "This is a really expensive product. It's not likely to save you money down the road, and if it does, you're an outlier."Ultimately, a lot of the value of this sort of insurance is emotional. It's possible to do some back-of-the-envelope calculations to figure out the lifetime cost of a policy, but the personal side of the equation is considering how much you're willing to spend on your furry friend. Maybe you feel like spending $10,000 over the course of your pet's life on insurance is worth it for the peace of mind. Or maybe you forgo insurance, figuring that if your companion has a serious health problem, you'll make the decision then to spend the money on them — or not. (Again, no judgments!)As for Papini, she's not getting back on the pet-insurance train. It was just too hard to deal with, and her husband is still cranky about the ordeal. She knows they're fortunate to be able to pay out of pocket for their animals' needs, which remain expensive. Kato now has cancer, and the treatments cost thousands of dollars. Would the insurance be worth it now? It's hard to know."Who's to say they wouldn't have been like, 'Well, he had diarrhea in 2017, so therefore it's a preexisting condition,'" she said. "Then we would've spent thousands of dollars for the insurance, never been able to use it, and still had to pay out of pocket on top of it."<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

Pet insurance is booming. It's also mostly worthless.

<ul class="summary-list"><li>Shanna Nasiri, 34, decided to leave her tech job when she no longer felt aligned with the work.</li><li>Earlier this year, she opened a natural wine bar in Williamsburg called With Others.</li></ul>This as-told-to essay is based on a conversation with Shanna Nasiri, the 34-year-old owner of <a target="_blank" class="" href="https://www.withothersbrooklyn.com/?fbclid=PAZXh0bgNhZW0CMTEAAaYikrw0VpjpCpAQ0ZvjvLvpFSaoADEXEYZSPsfVYegg3r5FJj2KHjPZ-Cs_aem_1Utqp3zKNtwMvha7MZMTkA">With Others</a>, a natural wine bar in Brooklyn, New York. It has been edited for length and clarity. Business Insider has verified Nasiri's salary.I grew up in the <a target="_blank" class="" href="https://www.businessinsider.com/moved-san-francisco-worth-it-cost-of-living-negativity-2024-2">Bay Area</a> near Silicon Valley, and everyone I knew was in some variation of tech. I continued on that trajectory.My first job was working for the corporate ventures team at Qualcomm. After that, I worked in semiconductors for a few years. Then, I went back to business school and got a job in product marketing for a regulatory technology startup.I liked aspects of what I was doing. The <a target="_blank" class="" href="https://www.businessinsider.com/big-tech-workers-pushed-limits-of-perks-benefits-pampering-over-2024-10">perks</a> were nice. I had full benefits. And there <a target="_blank" class="" href="https://www.businessinsider.com/left-big-tech-job-uber-entrepreneur-2024-10">was the salary</a>. I was making around $200,000 at the time I left, plus a bonus. I also got a lot of stock options.I was working for <a target="_blank" class="" href="https://www.businessinsider.com/startups-to-bet-your-career-on-in-2024-2024-2">startup companies</a>, so I had the chance to be at the ground level, build teams, and craft messaging. I felt like I had an impact.But I wasn't creatively fulfilled. I didn't like what I was doing. It didn't resonate with who I am. I was kind of embarrassed to tell people I did product marketing for regulatory technology startups. I felt like I was speaking a different language.At the time, I compartmentalized. This is who I am at work, and this is who I am in my personal life. I just accepted my life for what it was and figured you could <a target="_blank" class="" href="https://www.businessinsider.com/happiness-at-work-employee-engagement-fulfillment-flexibility-four-days-2023-12">never be fully happy at work.</a><h2 id="ddbf58b0-8e32-403f-9d1f-46fdacdaa027">That started to change when I turned 30</h2>Around my 30th birthday, I started having these existential questions and ideas. I had recently moved from San Francisco to New York City. That was also right at the start of COVID, so I had a lot of <a target="_blank" class="" href="https://www.businessinsider.com/how-the-pandemic-changed-my-career-2-years-stories-2022-3">alone time to reflect.</a>I was seeing this whole new world in <a target="_blank" class="" href="https://www.businessinsider.com/san-francisco-new-york-london-tech-where-to-live-2024-8">New York City</a>, with so many diverse careers. In San Francisco, I knew a lot of tech founders. But when I moved to New York, I started to see that entrepreneurship could have a greater meaning beyond tech.<div type="image" title="A photo of Shanna Nasiri holding a bottle of wine next to a photo of Williamsburg" height="1500" width="3000" msid="115114938" hostid="261" sizebytes="438074"></div>I had always fantasized about opening a space, but it wasn't something I thought I would actually do.I moved to <a target="_blank" class="" href="https://www.businessinsider.com/photos-show-what-its-like-to-live-in-williamsburg-brooklyn-2021-5">Williamsburg in 2021</a>. It was still pretty desolate at the time. There were lots of empty storefronts. I would go on these long walks and start fantasizing about what I would do with the space.I've always been passionate about hosting. I love to curate an environment. I'm obsessed with the little details like glassware, music, lighting, and sparkling water choice. I grew up in a family where my mom and grandma would host huge parties all the time and I was the mini host. I'm Middle Eastern and I think there is a sense of Middle Eastern hospitality that's embedded within me.My <a target="_blank" class="" href="https://www.businessinsider.com/guides/kitchen/types-of-wine">wine journey</a> started young. My stepdad collected limited-production Pinot Noirs. He introduced me to wine and taught me how to taste and the artisanship that goes into production.When I think about it now, it was pretty brazen to start a wine bar. But it was COVID, and <a target="_blank" class="" href="https://www.businessinsider.com/how-people-changed-careers-jobs-during-pandemic-2022-3">life felt so short and precious</a>. I wanted to prove to myself I could do itIt was either get stuck in this unfulfilling career trajectory and <a target="_blank" class="" href="https://www.businessinsider.com/careerist-corporate-ladder-decline-promotions-work-ethic-american-dream-2024-10">climb the corporate ladder</a>, or try to be an entrepreneur. It was a huge leap of faith and required me to believe in myself 100%So, in the summer of 2022, I got a job at a wine bar in Brooklyn to see what it was like. I was so passionate about it.After that, I started pursuing my wine education and got my Wine and Spirit Education Trust certification, which is a globally recognized qualification. I got a job at a wine shop. And I fully committed to opening my own bar.<h2 id="49faa484-70c2-47b4-9558-670c2708ed17">My tech experience came in handy</h2>A lot of my past work was helpful as I was building the bar. I knew how to manage teams. I had always worked at the ground level, so I had experience juggling a lot of responsibilities and working with limited resources.I started asking everyone to introduce me to other entrepreneurs and asking about their contractors, their agents, and their plumbers.<div type="image" title="A photo of Shanna Nasiri posing at her wine bar next to a photo of Williamsburg" height="1500" width="3000" msid="115114935" hostid="261" sizebytes="153358"></div>I used my own money and opened the bar on a very small budget.It took me a year to find the space because I was only looking for places within a few blocks of my home. I wanted it to be really integrated with the community. I found the space in June 2023 and started construction in October 2023.We opened in March of this year. It's been incredible. It's beyond anything I could have ever imagined.It has quickly become the neighborhood spot. We have regulars that come in twice a week. And the coolest thing has started happening recently, where I have probably met 11 or 12 parents of our regulars.I've continually reinvested in the bar. For example, the backyard buildout happened three months after we opened. After that, I built out the basement and cellar. Then I invested in hiring a general manager and growing out the wine list.<h2 id="ac1863d1-953a-4300-b4ce-24a04c6e730e">It's been a major lifestyle change from tech</h2>I don't have health insurance. I'm working probably 12-hour days. There's just so much stuff to do in terms of maintenance. And I work service every single night.In tech, I could work from anywhere. I traveled a lot and <a target="_blank" class="" href="https://www.businessinsider.com/working-remotely-feel-isolated-from-coworkers-quit-2024-7">worked remotely</a>. Now, I have a physical space. I haven't left a 20-mile radius since Christmas and have no plans to.But I feel so aligned with what I'm doing. It feels like what I was always meant to be doing. I work way more hours than I did in tech, but it doesn't feel as hard.I'm in such awe of what we've been able to create in such a short amount of time.

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