An Analysis of the Development of Pet Insurance Market in China

Pets are becoming an increasingly significant part of metropolitan life.Pet owners see their pets as close family members, and the primary demand for pet raising has shifted to emotional companionship, giving pet raising more emotional significance in China.The risk of accidents that suddenly can sometimes occur in pets, in the form of pets can get sick, injured and even die.Thus, most pet owners will seek veterinary care for their pets at some stage.However, the high medical costs of pets will increase their health costs as well as pet owners' economic burden.Pet insurance is now available to help pet owners manage their financial risks.Nevertheless, the penetration rate of pet insurance is very slow and less than 1%.As a result, this study uses a secondary data to summarize the overall image of the pet insurance industry as seen through the eyes of pet insurance companies.This research uncovers a wealth of important information on pet insurance, including its history, the current state of pet insurance providers, pet insurance products, pet insurance policy terms, and the pet insurance industry.On the one hand, this study summarized the existing problems of Chinese pet insurance market and these outcomes contribute to boost the existing literature on pet insurance.On the other hand, this research will help scholars and pet insurance providers gain a more comprehensive understanding of the Chinese pet insurance market.