SEOUL, Oct. 7 (Korea Bizwire) — South Korea’s non-life insurers are escalating a fierce competition to secure “exclusive usage rights,” which grant temporary monopolies over newly developed insurance products, as the industry pushes for innovation amid slowing growth in traditional sectors such as auto coverage. According to the General Insurance Association of Korea, domestic insurers [...]
SEOUL, July 29 (Korea Bizwire) — Ear infections and knee dislocations are among the most common and costly claims made under pet insurance policies in South Korea, according to new data released by Meritz Fire & Marine Insurance. Marking the seventh anniversary of its pet insurance brand “PetperMint,” Meritz reported that external ear infections (otitis externa) [...]
UIJONGBU, Apr. 24 (Korea Bizwire) – The Gyeonggi provincial government has announced a new initiative to support pet owners who adopt rescue animals by subsidizing pet insurance premiums. The program, called the “Adopted Animal Assurance Insurance Support Project,” aims to reduce the financial burden of caring for adopted animals and promote a culture of pet adoption. [...]
SEOUL, Feb. 15 (Korea Bizwire) – As the appeal of car insurance comparison and recommendation services wanes, industry insiders are turning their gaze towards pet insurance as the next promising market. Amid the growing trend of value-seeking consumers in a high-cost economy, pet insurance is emerging as a new focal point for financial tech services. Notably, [...]
BUSAN, April 21 (Korea Bizwire) — The city government of Busan said Thursday it would provide free pet insurance to people who adopt abandoned dogs. The policy will offer one year of coverage to those who adopt a dog from a local animal protection or adoption center. The insurance will cover 60 percent of the [...]
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 [...]