Korea Broadcast Advertising Corporation, Consumer Behavior Survey
60% Intend to Subscribe to Pet Insurance
Entry Barrier is Insurance Premium Burden
On the 21st, as the novel coronavirus disease (COVID-19) resurges, increasing difficulties for small business owners, a cat is lost in thought in the quiet Goyang Furniture Complex in Gyeonggi Province. (Unrelated to the article) / Photo by Mun Ho-nam munonam@
[Asia Economy Reporter Hwang Junho] As interest in companion animals grows, attention to insurance for them is also increasing. However, the burden of insurance premiums has been cited as a barrier to entering pet insurance.
According to a consumer behavior survey on 'pet insurance' announced by the Korea Broadcast Advertising Corporation on the 27th, 60% of respondents said they intend to subscribe to pet insurance.
By age group, men in their 20s and 30s showed a strong intention to subscribe to or renew pet insurance. About 89% of respondents who had pet insurance also said they intend to renew their insurance in the future.
The most important factor when subscribing to pet insurance was the coverage scope (29%). Payment premiums, company reliability, and insurance payout amounts were also found to have an influence.
However, the insurance premium for pet insurance was cited as a burden. Respondents who had no intention to subscribe (or renew) pet insurance chose 'price (premium) burden (44%)' as the reason. While they agree on the necessity of insurance, they judge the cost burden to be high.
Meanwhile, the corporation selects industries with marketing issues every month and conducts consumer behavior surveys. This survey was conducted from September 16 to 22, targeting 1,000 men and women aged 20 to 59 nationwide who are currently raising companion animals.
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