April 15 (Asia Today) -- South Korea's pet insurance market has expanded more than threefold in the past three years, but low enrollment rates continue to limit its growth, prompting insurers to step up marketing efforts.
According to industry data, the number of pet insurance policies in force reached 251,961 last year, up 55.4% from a year earlier. The figure has increased about 3.5 times from 71,896 in 2022.
New policy subscriptions have also risen steadily, while total premiums surpassed 100 billion won (about $75 million) for the first time, jumping from 28.8 billion won (about $21 million) in 2022 to 129.1 billion won (about $97 million) last year.
Despite the rapid growth, the market penetration rate remains low. Data from the KB Financial Research Institute show that only about 2-3% of pets are insured.
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