Insurers race to increase subscriptions in Korea's underinsured pet market

Choi Kwang-soon, whose Shih Tzu is about to turn 15, hesitated before opening the bill. Caring for a dog with an aging heart already meant steady monthly spending on medication and checkups. But this time was different. Her dog had undergone surgery to remove a cancerous adrenal gland, and by the time the procedure and hospital stay were over, the cost had climbed to nearly 8 million won ($5,400). But she had no pet insurance. “A decade ago, pet insurance wasn’t something people talked about. I didn’t even know it existed and there were barely any products available,” Choi said. “If I had known earlier, I would have signed up. You pay a small amount upfront, and it saves you from these overwhelming expenses later.” In Korea, the number of pet owners reached 15.46 million in 2024, roughly 30 percent of the population. Yet despite the surge in ownership, enrollment remains low, with only 1 to 2 percent of households signed up. But as veterinary bills climb, so too does interest in such policies. According to a KB Financial Group report, households that sought medical treatment f