[Asia Economy Reporter Changhwan Lee] Recently, as the popularity of pets has grown, interest in pet insurance has also increased.
According to the Ministry of Agriculture, Food and Rural Affairs' "2021 National Awareness Survey on Animal Protection," the average monthly cost of raising a companion dog was found to be 149,700 KRW, and for a companion cat, 125,700 KRW.
These costs include an average monthly hospital fee of 42,500 KRW for dogs and 41,500 KRW for cats, indicating that about 30% of the raising costs are spent on hospital expenses.
Additionally, 26.1% of survey respondents considered giving up or abandoning their pets. Among the reasons, unexpectedly high raising costs ranked second, showing that high expenses are a significant burden for many pet owners.
As the burden of veterinary expenses for pets increases, interest in pet insurance has also grown.
Samsung Fire & Marine Insurance announced that it is selling the "Samsung Fire Direct Pet Insurance" to improve accessibility for pet owners.
The "Samsung Fire Direct Pet Insurance" is a pure protection-type insurance product available for pets aged from 60 days to 8 years. The insurance period can be chosen between 1 year or 3 years, and through renewal at maturity, coverage can extend up to 20 years of age. Premiums can be paid in a lump sum or monthly, reducing the financial burden.
The direct pet insurance "Dog Plan" comprehensively covers inpatient and outpatient medical expenses, surgery costs, liability, and death consolation money. Coverage for medical expenses related to illness and injury, including inpatient and outpatient care and surgery costs, is standard. Customers can add or exclude coverage options according to their and their dog's situation and needs.
If you want to reduce the burden of high-cost surgeries, you can choose expanded surgery cost coverage. Additionally, special contracts for skin diseases, cruciate ligament surgery costs, and liability coverage can be added.
However, the company explained that for dog breeds subject to mandatory liability insurance for dangerous dogs, liability coverage is restricted in the direct product, so caution is needed.
The direct pet insurance "Cat Plan" allows customers to freely select coverage and insured amounts, just like the "Dog Plan." It provides basic coverage for medical expenses related to illness and injury. Additionally, special contracts for expanded coverage of urinary diseases, which are common in cats, and death consolation money can be added.
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