One company wants to sign up your cat (or dog) for insurance that helps protect against pricey vet bills in Hong Kong
Only 3 per cent of Hong Kong’s half million dogs and cats are insured against costly veterinary expenses, compared to 20 per cent in the UK
Home-grown fintech company OneDegree sees opportunity in the more than half a million underinsured dogs and cats in Hong Kong, as the company races to be among the first batch of pure online insurers in the city.
The company, whose insurance products range from pets to travel, is among the first generation of companies seeking to be fast-tracked for an operating license under the Insurance Authority’s guidelines unveiled last October.
“There are over 510,000 dogs and cats that are kept as pets in Hong Kong but only 3 per cent of them are covered by pet insurance. This is much lower than 30 per cent in Sweden, 20 per cent in Britain and 10 per cent in Japan,” said Alvin Kwock Yin-lun, co-founder and chief executive of OneDegree.
“Many people are keeping their pets as part of their family. The ageing population in Hong Kong means more people will keep dogs and cats as companions.”
Rising pet ownership in Hong Kong opens host of retail opportunities
He added that the population of dogs and cats in Hong Kong has grown by 60 per cent during the past 10 years.
