In the first half of this year, Toss Insurance reported a significant increase in sign-ups for pet insurance and pension plans. Notably, the growth in pension and health insurance enrollments was particularly pronounced among individuals under 20 years old.
Toss Insurance announced on July 15 that, based on an analysis of insurance contract data from its app, new pet insurance contracts surged by 80% compared to the same period last year, marking the highest growth rate among the products analyzed.
The company attributed this increase to a growing pet ownership population and the introduction of pet insurance products with expanded coverage options, which have broadened consumer choices.
New pension insurance contracts also rose by 78.1% compared to the same period last year. Among the top 10 pension insurance products sold in the first half, six were variable annuities. This trend is believed to be linked to a bullish stock market and increased interest in financial management.
The growth rate of pension insurance sign-ups by age group was highest among those aged 60 and older at 135.3%. This was followed by individuals in their 50s at 107.8%, those under 20 at 97.5%, individuals in their 40s at 69.6%, and those in their 30s at 49.1%. This data suggests that not only the traditional pension insurance demographic of those in their 50s and 60s but also younger individuals are preparing for retirement through private pensions.
Health insurance new contracts increased by 16.5% compared to the previous year, while simplified insurance, which allows individuals with pre-existing conditions to enroll with relatively easy screening processes, saw a 44.5% rise.
Particularly among those under 20, health insurance sign-ups increased by 59.2%, and simplified insurance enrollments rose by 83.5%, the highest growth rate across all age groups. This trend reflects a growing interest in health management among young people, who tend to prefer health insurance due to its lower premium burden compared to whole life insurance.
A Toss Insurance representative stated, “The interest of the younger generation in financial management and preparing for future risks is reflected in the trend of insurance sign-ups. We will continue to expand our insurance products to meet customer demand.”
* This article has been translated by AI.
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