K-Pet eyes insurance, launches disease prevention tech

S. Korea’s pet premium income climbed from KRW1.1b in 2018 to KRW44.3b in 2023.

South Korean pet products brand, K-Pet, is looking to tap into the insurance market. Alongside this, it announced the development of a new pet disease prevention solution, tentatively named K-PET, which utilises genetic analysis technology.

The domestic pet market is growing rapidly, but pets still face significant challenges in disease prevention, often leading to shorter lifespans or abandonment. 

K-PET aims to address these issues by supporting disease prevention and extending the healthy lifespans of pets through cancer and disease genetic testing.

The genetic disease testing process involves remotely collecting cells from pets, followed by RT-PCR to detect genetic mutations and DNA profiling. 

Pet owners can review the results and receive consultations through an app.

Additionally, K-PET plans to offer a comprehensive one-stop service covering the entire lifecycle of pets.

ALSO READ: Korean Re notes potential growth of pet insurance amid low uptake

This service will include information on nearby veterinary clinics, a shopping mall for supplements and pet food, insurance options, and funeral services.

Adding to that, Korean Re said the growth of the pet insurance market in Korea depends on the efforts of insurers, coupled with government-led initiatives to encourage more “pawparents” to avail of the service amid low uptake.

“The future growth of the pet insurance market will be dependent on the efforts of the insurers, particularly in alignment with government-led initiatives to promote pet insurance,” Korean Re said in the January - March 2024 bulletin.

Korean Re also noted the country’s pet insurance market has grown rapidly, with pet premium income increasing from KRW1.1b in 2018 to KRW44.3b in 2023. In-force policies during the same period also grew from approximately 7,000 to 11,000 policies, it added.