Nationwide to drop around 100,000 pet insurance policies [Video]

NEW YORK — Nationwide will cancel coverage for about 100,000 animals across the country, with the nation’s biggest provider of pet insurance citing the escalating cost of veterinary care in axing the product in some states. 

The canceling of thousands of coverage plans starts now and will continue through next summer as part of the company’s efforts to “maintain long-term viability and profitability,” Nationwide said Friday in a statement.

“Inflation in the cost of veterinary care and other factors have led to recent underwriting changes and the withdrawal of some products in some states — difficult actions that are necessary to ensure a financially sustainable future for our pet insurance line of business,” it stated. 

The cancellations will not be based on a pet’s age, breed or prior claims, and the owners of …