[Becoming an Insurance Insider] Check Your Insurance Before Walking Your Banryeogyeon

Hospitalization and Surgery Costs Plus Skin Disease Coverage
Lowering Enrollment Barriers by Taking Photos and Signing Up at Convenience Stores

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On the 21st, when most regions nationwide experienced the warmest weather of the year so far, citizens were taking a walk with their pets along Hongjecheon Stream in Seodaemun-gu, Seoul. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Oh Hyung-gil] As mild weather continues in May, more people are taking walks with their pets on streets, parks, and walking trails. With increased outdoor activities, the risk of pets getting injured during walks or exercise also rises, leading to growing interest in insurance that covers such risks. The insurance industry is offering pet insurance that provides additional coverage or allows easy enrollment.

According to the insurance industry on the 9th, Meritz Fire & Marine Insurance is selling a long-term pet insurance called ‘Petpermint Puppy & Dog’ that provides lifetime coverage for veterinary expenses for dogs.

Enrollment is possible from 3 months old up to 8 years old, with coverage extending up to 20 years old. The policy is renewed every 3 years, reducing concerns about premium increases and underwriting rejections.

Premiums are applied by classifying dog breeds into five groups based on average medical expenses, and policyholders can choose between 50% and 70% coverage ratios for medical expenses. Enrollment is possible regardless of pet registration status, and a 2% discount on premiums is available when providing the pet registration number.

Basic coverage includes patellar luxation and skin and oral diseases, with annual coverage limits of 5 million KRW each for inpatient and outpatient medical expenses (including surgery), and up to 10 million KRW per liability accident.

For example, the C Plan, which includes breeds such as Maltese and Pomeranian, has a monthly premium of about 42,000 KRW for a 0-year-old dog with 70% coverage, 5 million KRW each for inpatient and outpatient medical expenses, and 10 million KRW liability coverage.

Additionally, an automatic claim system has been introduced, allowing insurance claims to be automatically processed without complicated procedures when treated at approximately 1,600 affiliated veterinary hospitals.

KB Insurance has launched pet insurance that reduces enrollment procedures and lowers premiums. The direct mobile pet insurance ‘KB Petconomy Insurance’ allows easy premium calculation and enrollment with just one photo of the pet, and coverage for up to five pets under a single contract.

Previously, enrolling in pet insurance often required entering animal registration numbers, vaccination records, or uploading multiple photos, making the process cumbersome. However, KB Petconomy Insurance simplifies enrollment with just one photo.

In particular, ‘KB Petconomy Insurance’ rationally calculates premiums. Premiums are the same regardless of breed or age, and the product is structured around essential coverage, making the annual premium about 60,000 KRW (one-time payment), which is cheaper compared to existing pet insurance.

Moreover, besides basic pet information such as name and breed, premium calculation and enrollment are easily done with just one photo of the pet, and coverage is available for up to five pets under one contract.

Furthermore, this product newly includes coverage for essential costs when raising pets (liability, funeral expenses, advertising costs in case of loss, adoption/re-adoption costs in case of loss, and pet care costs during the caregiver’s hospitalization) as well as injury medical expenses in case the pet is injured during walks or exercise.

DB Insurance, in partnership with Seoul City, provides pet insurance support benefits to owners who adopt abandoned dogs. The ‘Promy Pet Insurance’ contract is underwritten for owners who adopt abandoned dogs. Promy Pet Insurance covers treatment and surgery costs due to injury or illness of the dog. It also covers liability if the dog causes damage to others or others’ pets.

The insurance period is one year from the application date, and the premium is fully covered by Seoul City.

Samsung Fire & Marine Insurance and Hyundai Marine & Fire Insurance are offering pet insurance at CU and GS25 convenience stores, respectively. Samsung Fire’s ‘Direct Pet Insurance’ allows enrollment by checking detailed information using a parcel machine inside CU stores and scanning a QR code with a smartphone. The target customers are pet owners of dogs or cats.

To enroll in Hyundai Marine & Fire’s ‘Hi Pet Dog Insurance,’ customers can enter their mobile phone number at the GS25 checkout counter. This product provides up to 5 million KRW coverage if the dog causes bodily injury to others or damage to others’ pets.