DB Insurance Obtains 6-Month Exclusive Rights for Two Pet Insurance Categories

DB Insurance announced on the 4th that it has obtained exclusive usage rights for 6 months each for the ‘Pet Owner Hospitalization Follow-up Outpatient Care at Tertiary Hospitals Pet Custody Cost Coverage’ and the ‘Differentiated Coverage Limits by Pet Weight Benefit Method,’ which were launched on the 2nd of last month.

The New Product Review Committee of the General Insurance Association highly evaluated the originality and usefulness of the new risk coverage that provides actual expense coverage for custody costs incurred when pet owners are hospitalized and receive outpatient care at tertiary hospitals, as well as the new benefit method that differentiates coverage limits for pet custody costs based on weight categories. Accordingly, other insurance companies will be restricted from developing and selling similar special contracts for the next 6 months.

With this new coverage, custody costs can now be covered even when pet owners receive outpatient treatment at tertiary hospitals after hospitalization. Currently, the industry only covers pet custody costs during hospitalization, so this expands the coverage area to include outpatient treatment for continuous care after hospitalization.

Reflecting the characteristic that custody costs increase with the pet’s weight, dog breeds are categorized by weight into small, medium, and large dogs. Lighter weight categories allow for lower insurance premiums, and for large dogs, the coverage amount has been expanded up to 70,000 KRW considering additional costs based on weight.

A DB Insurance official stated, “We developed this new coverage to contribute to the advancement of pet care culture by expanding the custody cost coverage area to include outpatient care after pet owner hospitalization, a first in the industry. By differentiating coverage limits by dog weight for the first time in pet insurance products, we can provide reasonable coverage tailored to the actual cost structure of pet custody service providers.”

Meanwhile, DB Insurance has been actively engaged in public interest activities to improve pet culture as an official partner of the Korean Veterinary Medical Association, including launching the ‘Dog Bite Compensation Insurance’ on the 14th of last month.