SEOUL, April 24 (Korea Bizwire) – The niche insurance market in South Korea is growing as an increasing number of insurance companies are trying to cover the growing needs of people with different interests, such as twenty-somethings, pet owners, golf enthusiasts, and hikers to name a few.
As more and more South Korean households have a pet, it’s increasingly common for pet owners to shell out large sums of money to treat the various ailments of their animal friends.
Many South Korean insurance companies have introduced niche insurance products catered towards pet owners, including Lotte Insurance, Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance.
Lotte’s ‘My Pet’ insurance plan covers dogs and cats, while the Samsung Fire & Marine Insurance ‘Familiaris’ pet medical insurance plan provides medical expenses as well as compensation for injuries resulting from fights with other animals.
The growing popularity of golf as a sport is being felt in the insurance market also.
MERITZ Fire & Marine Insurance’s ‘direct weekend hole-in-one golf insurance’ will reward clients when they hit a hole in one, providing expenses for souvenirs or a party to celebrate the occasion while also covering property damage caused by clients while playing golf.
Hanwha General Insurance and Dongbu Insurance also offer golf insurance plans, providing coverage for damaged golf clubs.
MG Non-life Insurance’s 2030 insurance plan targets those in their 20s and 30s, helping improve their lives in many ways, including with education, employment, marriage, beauty, leisure, and health.
One-day insurance plans from the-K NON-life Insurance allow drivers of rental cars to be insured for the day at prices ranging from 2,000 won to 19,000 won, and also offer convenient sign-up via an app that can be downloaded to mobile devices.
For an affordable daily price of 1,000 won, hikers can also enjoy hiking their favorite mountain with peace of mind.
“As new insurance products are continuously being developed, people are able to find an insurance plan that suits their special needs when they look closely,” an official at the General Insurance Association of Korea said.
Ashley Song (email@example.com)