Unloved pet insurance
Pet insurance has received more and more attention. Sweden, which has the highest pet insurance coverage in the world, has a participation rate of up to 40%.
From 2004 to the present, pet insurance has been an extremely narrow market. The reason is that it is difficult to find a satisfactory pet insurance. Various limits, deductibles and other rough risk control measures really make people resist.
The product cannot meet the demand, so it directly leads to "no major illness insurance, no minor illness insurance" when the pet is sick and needs insurance protection the most. Pet owners have a low sense of gain and poor experience. These factors have also dissuaded some "potential users" who are waiting and watching.
However, since 2019, major property insurance market players have joined the competition in the pet insurance market, and various insurances are involved. Therefore, the types of pet insurance are becoming more and more abundant. At present, the main product types in the pet insurance market include medical insurance, liability insurance, accident insurance, as well as pet theft insurance, shipping insurance, etc.
Pet insurance has suddenly become a "golden track". How did all this happen?
Increased insurance awareness among pet owners
According to the research report released by the Institute, we can clearly see the development trend of China's pet insurance market. The report pointed out that with the improvement of socioeconomic level and the increasing attention people pay to pets, pet insurance is rapidly moving towards the fast lane of development. Specifically, more than 22% of pet owners born in the 1990s and 1995s believe that it is necessary to buy insurance for their pets; in contrast, only 9.2% of pet owners born before the 1980s think that this is not necessary.
These data fully demonstrate a trend: as a new generation of people become pet owners, they pay more attention to the health and well-being of their pets. This change not only reflects the improvement of living standards, but also highlights the increasing proportion of pets in people's lives. Therefore, the demand for pet insurance among pet owners is increasing, which has driven the entire pet insurance industry into a stage of rapid development.
Growth of the pet market and consumption upgrade
As people's requirements for the quality of life of pets increase, pets have become an important part of the family, and people are willing to invest more money in the health and well-being of their pets. This consumption upgrade has driven the market demand for pet-related services, including pet insurance.
Increase in pet medical expenses
With the advancement of pet medical technology and the diversification of treatment methods, the medical expenses of pets have also risen sharply. In the face of sudden illness or unexpected situations, pet owners may need to pay high treatment costs, so pet insurance has become a financial protection option.
Promotion and product innovation of insurance companies
More and more insurance companies have begun to realize the potential of the pet insurance market and have launched insurance products for different needs of pets. These products include conventional health insurance, accident insurance and more comprehensive comprehensive insurance plans, which have attracted more pet owners to buy.
Social attention to pet rights
Against the background of increasing social attention to pet welfare and rights, pet insurance is regarded as a manifestation of responsibility and love. Pet owners are willing to ensure the health and safety of their pets, which has promoted the growth of the pet insurance market.
Gradual improvement of the medical system
Insurance companies are actively responding to market demand, not only launching related products, but also increasing investment and innovation in the field of pet health. For example, Ping An Insurance is introducing high-tech in the field of pet medicine, including advanced technologies such as genetic testing and stem cell regeneration, to improve the quality and efficiency of pet medical services. At the same time, based on insurance medical big data, they are accelerating the research and development layout of pet medicines to provide pet owners with more comprehensive health protection.
In general, the sudden growth of the pet insurance market is the result of a combination of factors, including increased market demand, rising medical costs, innovation in insurance products, and changes in social concepts. These factors have jointly contributed to the development of the pet insurance industry from a "hopeless Adou" to a "golden track".