Packaged treats for cats are on show throughout a pet truthful at COEX in southern Seoul, Jan. 19. Yonhap
By Yi Whan-woo
Pet lovers are spending extra to take higher care of their animals, prompting bank card corporations and insurers to extend the variety of advantages for his or her clients in addition to launching services tailor-made to their wants.
According to KB Financial Group’s assume tank, a complete of 5.52 million households owned companion animals in 2022. The determine accounted for 25.7 % of the nation’s complete households, up 2.8 share factors from the earlier discovering in 2020.
Spending on veterinary hospitals averaged 787,000 received ($590) over the 2020-22 interval, a 319,000 received improve from the 2019-21 interval.
Over the cited interval, common spending for meals, toys, salons, baths and different pet care services elevated 14,000 received to the general determine of 154,000 received.
Against this backdrop, Woori Card noticed a 160 % year-on-year improve in 2022 within the issuance of its bank card, which provides a ten % value low cost on a variety of animal care providers.
Both Samsung Card and KB Kookmin Card additionally launched bank cards providing 30 % reductions on spending at veterinary hospitals and pet shops.
The insurance coverage corporations have been increasing quick into the pet-related insurance coverage sector, as it’s estimated to develop by 20 billion received yearly, whereas the federal government introduced that it could foster it as a strategic trade.
Samsung Fire & Marine Insurance launched insurance coverage that provides one hundred pc protection on surgical procedure and different veterinary providers.
Samsung Life Insurance plans to arrange a subsidiary that offers completely with pet care-related insurance coverage. It additionally invested in Woorien, an organization specializing in scanning gadgets for pets.
