펫 보험 종류Home – Insurance – 7 pet insurance recommendations and subscription rate (ft. pet insurance)
Comprehensive list of recommended pet insurance products!
According to KB Management Research Institute’s 2023 Korean Pet Report, as of the end of 2022, there are approximately 5.52 million households raising companion animals in Korea. This is said to be 25.7%, or about a quarter of all households. This means that the number of people living with pets has increased, and accordingly, insurance companies are offering pet insurance.
In this article, we will look into pet insurance subscription rates and problems, and then summarize recommended pet insurance products sold by each insurance company.
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As each year passes, the number of households raising pets is increasing. Although the number of pets is increasing, veterinary hospital costs are still expensive and not covered by insurance, so each non-life insurance company is offering pet insurance.
However, in reality, the pet insurance subscription rate is still low at less than 1%. The reason is that it is difficult to develop insurance because treatment costs vary greatly from animal hospital to animal hospital.
In addition, even if you sign up for your pet in case it gets sick in the future, there are realistic pet insurance problems. The premium is relatively higher than the health insurance that people sign up for. Each insurance company claims to have lowered pet insurance premiums, but even a product that covers 80% of hospital expenses requires payment of approximately 50,000 won per month.
The reason pet insurance premiums are so high is because medical costs and treatments are not standardized for each animal disease, so there is a lack of data to calculate appropriate premiums. There is a large difference in medical costs between hospitals, and there are only a few hospitals that provide medical records.
In the future, the Financial Services Commission announced that it plans to establish a basic pet insurance system, including registration of companion animals and standardization of medical treatment items, in cooperation with the Ministry of Agriculture, Food and Rural Affairs. I look forward to seeing how the current pet insurance problems will be improved in the future and how the standards for calculating insurance premiums will be established.
Types of Pet Insurance
6 Other benefits
＊0-year-old pets can join from 91 days after birth
＊0-year-old pets can join from 91 days after birth
So far, we have looked at pet insurance subscription rates and recommended pet insurance products.
If you are considering adopting a pet, you must consider whether your pet will get sick or grow old in the future. Unlike human hospitals, veterinary hospitals are not covered by insurance, so just a simple check-up costs a lot of money. That’s why many people have savings or pet insurance. Although pet insurance has not yet become popular, we recommend that you consider recommended pet insurance products considering your pet’s future.
I will come back with a more useful article next time 🙂
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