South Korea Pet Insurance Market Size & Outlook, 2025-2033
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South Korea pet insurance market highlights
- The South Korea pet insurance market generated a revenue of USD 133.3 million in 2024 and is expected to reach USD 767.3 million by 2033.
- The South Korea market is expected to grow at a CAGR of 21.7% from 2025 to 2033.
- In terms of segment, accident only was the largest revenue generating coverage in 2024.
- Accident & Illness is the most lucrative coverage segment registering the fastest growth during the forecast period.
Pet insurance market data book summary
| Market revenue in 2024 | USD 133.3 million |
| Market revenue in 2033 | USD 767.3 million |
| Growth rate | 21.7% (CAGR from 2025 to 2033) |
| Largest segment | Accident only |
| Fastest growing segment | Accident & Illness |
| Historical data | 2021 - 2023 |
| Base year | 2024 |
| Forecast period | 2025 - 2033 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Accident & Illness, Accident Only, Other Coverage |
| Key market players worldwide | Deutsche Familienversicherung, JAB Holding Company, Direct Line Insurance Group PLC, Tesco PLC, Sainsbury's Bank, Fressnapf, EQT Group, HDFC ERGO Health Insurance, Alipay, Nationwide Mutual Insurance, Anicom, Petplan Pet Insurance (North America), Lassie, Getsafe, Waggel, Feather Insurance, Napo, MetLife Inc |
Other key industry trends
- In terms of revenue, South Korea accounted for 0.7% of the global pet insurance market in 2024.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2033.
- In Asia Pacific, China pet insurance market is projected to lead the regional market in terms of revenue in 2033.
- South Korea is the fastest growing regional market in Asia Pacific and is projected to reach USD 767.3 million by 2033.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|---|---|---|---|
| Napo | View profile | 51-100 | London, England, United Kingdom, Europe | https://www.napo.pet/ |
| Waggel | View profile | 1-10 | London, England, United Kingdom, Europe | https://www.waggel.co.uk |
| Getsafe | View profile | 251-500 | Heidelberg, Baden-Wurttemberg, Germany, Europe | http://www.hellogetsafe.com |
| Lassie | View profile | 11-50 | Stockholm, Stockholms Lan, Sweden, Europe | https://www.lassie.co/ |
| Petplan Pet Insurance (North America) | View profile | 251-500 | Newtown Square, Pennsylvania, United States, North America | http://gopetplan.com |
| Fressnapf | View profile | 10001+ | Krefeld, Nordrhein-Westfalen, Germany, Europe | https://www.fressnapf.com/ |
| Sainsbury's Bank | View profile | 1001-5000 | Edinburgh, Edinburgh, City of, United Kingdom, Europe | http://www.sainsburysbank.co.uk |
| Feather Insurance | View profile | 11-50 | Berlin, Berlin, Germany, Europe | https://feather-insurance.com |
| EQT Group | View profile | 1001-5000 | Stockholm, Stockholms Lan, Sweden, Europe | https://eqtgroup.com/ |
| Alipay | View profile | 501-1000 | Hangzhou, Zhejiang, China, Asia | https://global.alipay.com |
| Nationwide Mutual Insurance | View profile | 10001+ | Columbus, Ohio, United States, North America | http://nationwide.com |
| Anicom | View profile | 101-250 | Tokyo, Tokyo, Japan, Asia | https://www.anicom.co.jp/ |
| Deutsche Familienversicherung | View profile | 101-250 | Frankfurt, Hessen, Germany, Europe | https://www.deutsche-familienversicherung.de |
| JAB Holding Company | View profile | 51-100 | Luxembourg, Luxembourg, Luxembourg, Europe | http://www.jabholco.com/ |
| MetLife Inc | View profile | 45000 | 200 Park Avenue, New York, NY, United States, 10166-0188 | https://www.metlife.com |
| Direct Line Insurance Group PLC | View profile | 10131 | Westmoreland Road, Churchill Court, Bromley, Kent, United Kingdom, BR1 1DP | https://www.directlinegroup.co.uk |
| HDFC ERGO Health Insurance | View profile | 1001-5000 | Gurgaon, Haryana, India, Asia | https://www.apollomunichinsurance.com/ |
| Tesco PLC | View profile | 336712 | Kestrel Way, Tesco House, Shire Park, Welwyn Garden, United Kingdom, AL7 1GA | https://www.tescoplc.com |
South Korea pet insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pet insurance market will help companies and investors design strategic landscapes.
Accident only was the largest segment with a revenue share of 102.63% in 2024. Horizon Databook has segmented the South Korea pet insurance market based on accident & illness, accident only, other coverage covering the revenue growth of each sub-segment from 2021 to 2033.
Demand for pet insurance in South Korea is rising due to increase in pet ownership. Increasing government initiatives are further propelling the market growth. On the contrary, lack of awareness among people regarding various insurance plans may limit the growth in future.
In August 2018, Korea Insurance Development Institute (KIDI) proposed to develop its first pet insurance product. Increasing number of veterinary hospitals & clinics is further expected to propel the market growth.
In addition, rising number of pet adoptions and growing trend of treating pets as family members have significantly increased the demand for pet insurance. The expansion of available treatments for pets has led to increased healthcare costs.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into South Korea pet insurance market from 2021 to 2033, including revenue numbers, major trends, and company profiles.
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South Korea pet insurance market size, by coverage, 2021-2033 (US$M)
South Korea Pet Insurance Market Outlook Share, 2024 & 2033 (US$M)
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