Reviewing Mandatory Pet Registration... Standardization of Medical Fees and Items
Simplification of Insurance Enrollment and Claim Procedures
The Financial Services Commission and the Ministry of Agriculture, Food and Rural Affairs have joined forces to promote pet insurance. They plan to review the mandatory registration of pets and improve various institutional procedures, such as simplifying the pet insurance subscription and claim processes.
On the 19th, the Financial Services Commission announced that it signed a "Pet Activation Memorandum of Understanding (MOU)" with the Ministry of Agriculture, Food and Rural Affairs at the KINTEX exhibition center in Goyang-si, Gyeonggi Province. Attending the event were Jeong Hwang-geun, Minister of Agriculture, Food and Rural Affairs; Kim Ju-hyun, Chairman of the Financial Services Commission; Jeong Ji-won, Chairman of the General Insurance Association; Kim Yong-beom, Vice Chairman of Meritz Fire & Marine Insurance; Lee Yoon-seon, Senior Vice President of Hyundai Marine & Fire Insurance; Jeong Jong-pyo, President of DB Insurance; Heo Ju-hyung, President of the Korean Veterinary Medical Association; Oh I-se, Vice President of the Animal Hospital Association; among others, who pledged cooperation.
Under this agreement, the Ministry of Agriculture, Food and Rural Affairs will review pet registration using biometric information and the mandatory registration of pet cats, as well as promote the publication of frequently used important medical expenses and standardization of medical service items. The Financial Services Commission will simplify related procedures such as insurance subscription and claims, support the development and diversification of new insurance products, and allow the entry of specialized pet insurance companies. Furthermore, both ministries plan to actively cooperate in establishing and operating a cooperative system between the insurance and veterinary industries.
As demand for pet medical services has expanded and about 40% of pet care expenses have been found to be hospital bills, the burden of medical expenses has increased, drawing attention to pet insurance. At the government level, a joint announcement of "Pet Insurance System Improvement Measures" was made by related ministries at the Emergency Economic Ministers' Meeting last October to promote pet insurance.
Minister Jeong and Chairman Kim stated, "By alleviating medical expenses through the activation of pet insurance, pet owners will be able to access animal medical services more easily," and added, "The Ministry of Agriculture, Food and Rural Affairs and the Financial Services Commission will make further efforts to promote pet insurance based on this agreement."
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