As pet owners increasingly utilize veterinary services, the pet insurance market is seeing a rise in products that offer coverage for routine exams and minor illnesses. While past policies focused primarily on high-cost surgeries and severe conditions, there is now a growing demand for coverage that can be used frequently during regular vet visits.
A survey conducted by MyBrown, a pet insurance company, among 300 female pet owners aged 30 to 49 living in Seoul and the surrounding metropolitan area, revealed that over 70% reported visiting the vet two to five times a year.
The primary reasons for these visits were vaccinations and parasite prevention. The survey also indicated a high demand for treatment related to common conditions such as skin diseases, gastrointestinal issues, and dental problems.
The financial burden of veterinary care is a consistent concern. The average cost per vet visit was approximately 150,000 won, with annual veterinary expenses averaging around 580,000 won. Pet owners of cats reported even higher annual costs, averaging 710,000 won.
Pet medical expenses are increasingly resembling regular living costs, as they are incurred repeatedly with each vet visit rather than as one-time expenses for surgeries. Unexpected situations, such as pets swallowing toys or foreign objects, or the rising demand for MRIs and CT scans for aging pets, contribute to the financial strain that owners frequently experience. Conditions like skin diseases and gastrointestinal issues, which require frequent vet visits, also lead to recurring expenses.
In response, the pet insurance market is expanding its coverage to include not only major surgeries but also the frequent exams and treatments that pet owners encounter.
This trend is reflected in insurance claim data. The most commonly claimed conditions included atopic, bacterial, and fungal dermatitis (10.7%), otitis externa and ear canal infections (10.2%), and gastroenteritis (5.5%). Other common issues, such as foreign bodies in the gastrointestinal tract and vomiting, also ranked among the top claims.
Lee Yong-hwan, CEO of MyBrown, stated, "As pet ownership involvement increases, there is a growing interest in insurance that covers not only major surgeries and severe illnesses but also everyday diseases that require frequent care."
* This article has been translated by AI.
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