15 Million Pet-Owning Households... Financial Sector's 'Pet' Marketing Heats Up

[Asia Economy Reporter Song Seung-seop] The financial sector is experiencing a boom in pet-related marketing. As the number of pet owners has grown to 15 million, related events and financial products are pouring out.

According to the financial sector on the 14th, JT Chin-Ae Savings Bank is holding the ‘JT Chin-Ae WangWang Contest’ until November 8. Participants can join by uploading a photo of themselves hugging their pet on their Instagram account according to the conditions. The donations accumulated through participation will be used to support abandoned dogs and cats in the future.

Additionally, 25 participants who join the weekly challenge will be selected by lottery to receive dog shampoo and snacks. Each month, six participants who tag the most friends will also receive dog ID tags and odor removal sheets.

Hana Bank is selling the ‘Pet Love Savings’ targeted at pet families. You can subscribe with monthly payments ranging from 100,000 to 500,000 KRW, and the subscription period is one year. The basic interest rate is 1.0% per annum, but if you write an ‘Online Pet Love Pledge’ for your pet through the online channel when opening the account, you will receive a preferential interest rate. The highest interest rate is 1.5% per annum.

By subscribing to this product, you can also enroll for free in the pet liability insurance service. After agreeing to provide personal (credit) information to a third party, you submit the type and breed of animal, name, gender, age, weight, and photo. If your pet causes damage to others or other pets, the insurance compensates up to 5 million KRW per accident.

BNK Busan Bank also offers a regular installment ‘Pet Savings’ product. You can pay from 10,000 KRW up to 500,000 KRW monthly, with a minimum interest rate of 1.1% per annum. Applying preferential rates, the highest annual rate for a one-year term is 2.0%. If you spend more than 500,000 KRW using the Busan Bank Pet Credit Card, you get a 0.1% point bonus, and if you spend over 1,000,000 KRW, you get a 0.2% point bonus. You can also receive preferential interest benefits by registering your animal registration certificate or writing a ‘Pet Diary’.

Pet insurance products are also gaining attention. From medical expense reimbursement products that cover part of hospital bills to liability insurance riders that prepare for accidents involving pets, these are becoming popular. In fact, in 2020, the number of insurance claims paid by companies handling pet insurance reached 55,800 cases, which is 2.3 times higher than the 23,700 cases recorded the previous year.

Meritz Fire & Marine Insurance sells the ‘Pet Permint Puppy&Dog’ product, which covers outpatient medical expenses (including outpatient surgery) for dogs. It is characterized by expanded coverage for common diseases in small breeds such as Maltese, Poodles, and Shih Tzus, including patellar luxation, hip joint issues, skin, and oral diseases. The contract is automatically renewed every three years for 20 years, providing lifelong medical expense coverage for the pet dog. Liability coverage can also be selected depending on the pet owner.

Samsung Fire & Marine Insurance also offers direct pet dog insurance. It provides coverage up to the pet’s age of 20 through renewals and offers a 10% discount on premiums when purchased directly. New subscriptions are available up to 8 years of age. If the dog receives veterinary treatment due to illness or injury, compensation is provided up to the insured amount, and optional coverage includes surgery costs, skin disease, and condolence money for the dog’s death.

This content was produced with the assistance of AI translation services.