SEOUL, Feb. 22 (Korea Bizwire) — Pet insurance policies suffering from low subscription rates are teaming up with information technology (IT) to lower monthly fees and revitalize the market. The Korea Insurance Research Institute reported that South Korea’s pet insurance subscription rate stood at 0.25 percent, which was far below Sweden (40 percent), Britain (25 [...]
SEOUL, Aug. 31 (Korea Bizwire) — The subscription rate for pet insurance policies continues to languish at extremely low levels. The number of contracts for general insurance for dogs and cats stood at 33,621 as of late last year, which was merely 0.4 percent of the estimated number of all pets in the country (8.6 [...]
SEOUL, Jan. 18 (Korea Bizwire) — The number of pet insurance claims more than doubled last year, along with the increase in the use of personal credit cards at veterinary clinics. In contrast to the reduction in visits to hospitals due to the COVID-19 pandemic, veterinary clinics have not been hit hard by the virus. [...]
SEOUL, July 8 (Korea Bizwire) – South Korea’s leading insurance company and a convenience store franchise are teaming up to promote pet insurance policies at convenience stores and in non-face-to-face transactions, commonly referred to as ‘untact’ transactions in South Korea. BGF Retail, operator of convenience franchise CU, announced Tuesday that it will introduce a pet [...]
SEOUL, Nov. 1 (Korea Bizwire) — With an influx of commercial insurance companies eying the pet industry for a piece of the pie, whether to include unregistered pets in insurance policies has become a major issue among animal lovers. Since the market for pet insurance policies is still in its early stages, there are conflicting [...]
SEOUL, Jan. 29 (Korea Bizwire) – A host of measures designed to lower the barriers of entry and ramp up competition in the financial sector have been devised by the Financial Services Commission (FSC) for 2018. The FSC will increase the number of online insurance firms – there is currently only one in operation – [...]
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 [...]
SEOUL, Feb. 26 (Korea Bizwire) – Choi Jung-in, a 33 year-old clinical psychologist, lived with two kittens in a studio in Seoul before the trio moved in with her parents in December. She fondly remembers her first cat, Mango, which she brought in last year, for helping her ease the feelings of loneliness when she [...]
SEOUL, Nov.16 (Korea Bizwire) – The number of pets in Korea is increasing with an increase in the number of one or two-person households, but the pet insurance market that provides for them is still small. Researcher Kim Se-joong of the Korea Insurance Research Institute reported that even though the number of pets reached [...]