The pet insurance market continues to grow, with products focused on everyday coverage rapidly gaining subscribers.
MyBrown Pet Insurance announced on June 2 that it has surpassed 20,000 subscribers just 10 months after its launch.
After reaching 10,000 subscribers in its first seven months, the company added another 10,000 in just three months. MyBrown attributed this rapid growth to increasing interest in practical pet insurance products that meet everyday needs.
The expansion of coverage benefits has been a significant factor in attracting more subscribers. Recently, pet insurance has evolved beyond just covering surgeries and serious illnesses to include routine care and treatment for minor ailments.
Data from insurance claims shows that the most frequently claimed condition was atopic, bacterial, and fungal dermatitis (10.7%). This was followed by otitis externa and otitis media (10.2%) and gastroenteritis (5.5%). Common issues such as foreign bodies in the gastrointestinal tract and vomiting were also among the top claims.
In response to these healthcare demands, MyBrown has expanded its coverage to include MRI, CT, and endoscopic examinations, as well as conditions requiring recurrent treatment and management, such as seizures and pancreatitis.
Subscriber preferences also indicate a strong inclination toward comprehensive coverage. The 'Black Plan,' which offers the broadest range of benefits, accounts for 58% of total subscriptions.
Lee Yong-hwan, CEO of MyBrown, stated, "Many pet owners recognize the need for pet insurance but hesitate to enroll due to a lack of practical experience. We aim to enable more pet owners to utilize pet insurance by offering coverage that reflects common tests and conditions encountered during pet care, along with a convenient insurance experience."
* This article has been translated by AI.
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