Summary

The South Korea pet insurance size reached USD 169.10 Million in 2024. The market is projected to reach USD 512.67 Million by 2033, exhibiting a growth rate (CAGR) of 11.73% during 2025-2033. The market is witnessing consistent growth in increasing pet ownership and growing realization of veterinary care. Market forces are influenced by changing consumer behavior, complex insurance schemes, and the extension of covers for cats and dogs alike. Providers are enriching their portfolios through online channels and customized schemes. Regional growth is backed by urban demand and enhanced pet care facilities. These are likely to have an impact on the overall growth of the South Korea pet insurance market share.

South Korea Pet Insurance Market Trends:
Insurance Adoption Rises Among Pet Owners
In October 2024, a report from South Korean financial authorities highlighted the sharp rise in pet insurance policies sold by leading non-life insurers. The trend is indicative of a notable shift in the attitudes of South Korean pet owners in seeking veterinary treatment by moving voluntarily towards having financial cover against accidents, operations, and increasing treatment expenses. As people become increasingly conscious of their pets' health and the uncertainty of accidents, ever more families are regarding insurance as anything but a luxury, but as part of the responsible ownership approach. Insurers have streamlined their enrollment processes, implemented mobile-based claims management, and fashioned their policies to fit the contemporary practice of pet care. Coverage for diagnostic imaging, wellness checkups, and even behavior modification is also on the rise, adding additional value. As pet ownership continues to rise, insurance engagement is close behind, signaling a new era of preparedness and preventive healthcare. Such shifts are a primary catalyst for South Korea pet insurance market growth.
Customized Coverage Fuels Insurance Innovation
In August 2024, sources reported a significant upturn in new pet insurance policies in the first half of the year, indicating increasing consumer demand for customized pet care. Pet owners are now looking for flexible policies that include diagnostics, dental care, and wellness services rather than limiting coverage to traditional accident-only plans. This trend is a sign of an industry maturing as policy holders appreciate tailoring coverage to their pet's specific health requirements whether it is multi-pet discounts, age-related coverage, or add-ons such as behavior therapy. This trend had led insurers to redesign their offerings with modular products, simplified terms, and tiered premiums that incentivize responsible pet ownership. Digital platform integration has also enhanced customer experience, streamlining comparison of plan benefits, filing claims, and monitoring veterinary visits. Such innovations facilitate increased customer engagement and retention, as well as the mainstreaming of pet insurance as an expected expense. As personalization takes hold, pet insurance is transforming from bare-bones protection to a method of pet wellness planning. This strategic move reflects larger South Korea pet insurance market trends.
Strengthening Fraud Prevention Measures
In July 2025, national data revealed significant growth in pet insurance subscriptions highlighting both rising adoption and emerging challenges in claim integrity. As more households secure coverage for their pets, instances of fraud such as inflated or fabricated veterinary claims have also surfaced, prompting industry-wide concern. To address this, South Korean authorities and insurers are implementing stronger fraud prevention protocols. Efforts include standardizing veterinary billing codes, integrating digital claim management systems, and enhancing collaboration between insurance providers and veterinary associations. These changes aim to streamline genuine claims while curbing dishonest practices, without compromising service efficiency. Efforts are also being made to educate policyholders about ethical claims behavior, reinforcing that fraudulent behavior harms both providers and honest consumers. As the pet insurance sector continues to mature, these frameworks will be essential for maintaining consumer trust and ensuring financial sustainability. By proactively strengthening fraud detection and transparency, the market is laying solid foundations for long-term confidence and resilience in South Korea’s evolving pet insurance ecosystem.

South Korea Pet Insurance Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country and regional levels for 2025-2033. Our report has categorized the market based on policy, animal, and provider.
Policy Insights:
? Illnesses and Accidents
? Chronic Conditions
? Others
The report has provided a detailed breakup and analysis of the market based on the policy. This includes illnesses and accidents, chronic conditions, and others.
Animal Insights:
? Dog
? Cat
? Others
A detailed breakup and analysis of the market based on the animal have also been provided in the report. This includes dog, cat, and others.
Provider Insights:
? Public
? Private
The report has provided a detailed breakup and analysis of the market based on the provider. This includes public and private.
Regional Insights:
? Seoul Capital Area
? Yeongnam (Southeastern Region)
? Honam (Southwestern Region)
? Hoseo (Central Region)
? Others
The report has also provided a comprehensive analysis of all the major regional markets, which include the Seoul Capital Area, Yeongnam (Southeastern Region), Honam (Southwestern Region), Hoseo (Central Region), and others.

Competitive Landscape:
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Key Questions Answered in This Report:
? How has the South Korea pet insurance market performed so far and how will it perform in the coming years?
? What is the breakup of the South Korea pet insurance market on the basis of policy?
? What is the breakup of the South Korea pet insurance market on the basis of animal?
? What is the breakup of the South Korea pet insurance market on the basis of provider?
? What is the breakup of the South Korea pet insurance market on the basis of region?
? What are the various stages in the value chain of the South Korea pet insurance market?
? What are the key driving factors and challenges in the South Korea pet insurance market?
? What is the structure of the South Korea pet insurance market and who are the key players?
? What is the degree of competition in the South Korea pet insurance market?

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Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 South Korea Pet Insurance Market ? Introduction
4.1 Overview
4.2 Market Dynamics
4.3 Industry Trends
4.4 Competitive Intelligence
5 South Korea Pet Insurance Market Landscape
5.1 Historical and Current Market Trends (2019-2024)
5.2 Market Forecast (2025-2033)
6 South Korea Pet Insurance Market - Breakup by Policy
6.1 Illnesses and Accidents
6.1.1 Overview
6.1.2 Historical and Current Market Trends (2019-2024)
6.1.3 Market Forecast (2025-2033)
6.2 Chronic Conditions
6.2.1 Overview
6.2.2 Historical and Current Market Trends (2019-2024)
6.2.3 Market Forecast (2025-2033)
6.3 Others
6.3.1 Historical and Current Market Trends (2019-2024)
6.3.2 Market Forecast (2025-2033)
7 South Korea Pet Insurance Market - Breakup by Animal
7.1 Dog
7.1.1 Overview
7.1.2 Historical and Current Market Trends (2019-2024)
7.1.3 Market Forecast (2025-2033)
7.2 Cat
7.2.1 Overview
7.2.2 Historical and Current Market Trends (2019-2024)
7.2.3 Market Forecast (2025-2033)
7.3 Others
7.3.1 Historical and Current Market Trends (2019-2024)
7.3.2 Market Forecast (2025-2033)
8 South Korea Pet Insurance Market - Breakup by Provider
8.1 Public
8.1.1 Overview
8.1.2 Historical and Current Market Trends (2019-2024)
8.1.3 Market Forecast (2025-2033)
8.2 Private
8.2.1 Overview
8.2.2 Historical and Current Market Trends (2019-2024)
8.2.3 Market Forecast (2025-2033)
9 South Korea Pet Insurance Market ? Breakup by Region
9.1 Seoul Capital Area
9.1.1 Overview
9.1.2 Historical and Current Market Trends (2019-2024)
9.1.3 Market Breakup by Policy
9.1.4 Market Breakup by Animal
9.1.5 Market Breakup by Provider
9.1.6 Key Players
9.1.7 Market Forecast (2025-2033)
9.2 Yeongnam (Southeastern Region)
9.2.1 Overview
9.2.2 Historical and Current Market Trends (2019-2024)
9.2.3 Market Breakup by Policy
9.2.4 Market Breakup by Animal
9.2.5 Market Breakup by Provider
9.2.6 Key Players
9.2.7 Market Forecast (2025-2033)
9.3 Honam (Southwestern Region)
9.3.1 Overview
9.3.2 Historical and Current Market Trends (2019-2024)
9.3.3 Market Breakup by Policy
9.3.4 Market Breakup by Animal
9.3.5 Market Breakup by Provider
9.3.6 Key Players
9.3.7 Market Forecast (2025-2033)
9.4 Hoseo (Central Region)
9.4.1 Overview
9.4.2 Historical and Current Market Trends (2019-2024)
9.4.3 Market Breakup by Policy
9.4.4 Market Breakup by Animal
9.4.5 Market Breakup by Provider
9.4.6 Key Players
9.4.7 Market Forecast (2025-2033)
9.5 Others
9.5.1 Historical and Current Market Trends (2019-2024)
9.5.2 Market Forecast (2025-2033)
10 South Korea Pet Insurance Market ? Competitive Landscape
10.1 Overview
10.2 Market Structure
10.3 Market Player Positioning
10.4 Top Winning Strategies
10.5 Competitive Dashboard
10.6 Company Evaluation Quadrant
11 Profiles of Key Players
11.1 Company A
11.1.1 Business Overview
11.1.2 Services Offered
11.1.3 Business Strategies
11.1.4 SWOT Analysis
11.1.5 Major News and Events
11.2 Company B
11.2.1 Business Overview
11.2.2 Services Offered
11.2.3 Business Strategies
11.2.4 SWOT Analysis
11.2.5 Major News and Events
11.3 Company C
11.3.1 Business Overview
11.3.2 Services Offered
11.3.3 Business Strategies
11.3.4 SWOT Analysis
11.3.5 Major News and Events
11.4 Company D
11.4.1 Business Overview
11.4.2 Services Offered
11.4.3 Business Strategies
11.4.4 SWOT Analysis
11.4.5 Major News and Events
11.5 Company E
11.5.1 Business Overview
11.5.2 Services Offered
11.5.3 Business Strategies
11.5.4 SWOT Analysis
11.5.5 Major News and Events


12 South Korea Pet Insurance Market - Industry Analysis
12.1 Drivers, Restraints, and Opportunities
12.1.1 Overview
12.1.2 Drivers
12.1.3 Restraints
12.1.4 Opportunities
12.2 Porters Five Forces Analysis
12.2.1 Overview
12.2.2 Bargaining Power of Buyers
12.2.3 Bargaining Power of Suppliers
12.2.4 Degree of Competition
12.2.5 Threat of New Entrants
12.2.6 Threat of Substitutes
12.3 Value Chain Analysis
13 Appendix