Kakao Pay Insurance's pet insurance has surpassed 10,000 contracts just four months after its launch. The increase in subscriptions is attributed to a growing demand for coverage against medical expenses related to illnesses and accidents in young pets.
On July 30, Kakao Pay Insurance analyzed pet insurance subscription data, revealing that 39% of the enrolled pets are 0 years old, followed by 23% aged 1 year, 20% aged 2 years, and 18% aged 3 years. The insurance is available for pets aged 0 to 3 years.
Subscribers predominantly chose the surgical hospitalization plan, followed by the surgical outpatient plan and the same-day surgical plan. The average payout for those who received insurance benefits was 308,408 won, with the highest payout being approximately 3.4 million won for the treatment of a congenital condition known as portosystemic shunt.
In terms of pet types, dogs accounted for 80% of total subscriptions, while cats made up 20%. Among dogs, Maltipoos represented the largest group at 28%, followed by Bichon Frises at 16%, mixed breeds under 10 kg, Pomeranians, and Maltese. For cats, Korean Shorthairs comprised 42%, and British Shorthairs accounted for 17%.
Kakao Pay Insurance launched its pet insurance in March. The policy covers up to 5 million won for medical expenses on the day of surgery and a maximum of 40 million won annually, including costs for MRI and CT scans as well as hospitalization and outpatient care. Within the annual coverage limit, there is no restriction on the number of claims.
For a 30-year-old guardian enrolling a 1-year-old Maltese, the monthly premium for the same-day surgical and surgical hospitalization plans is in the 7,000 won range, while the plan that covers outpatient treatment is in the 30,000 won range.
* This article has been translated by AI.
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