宠物险市场“蓝海”下，“成本高”与“赔得少”之困

Core Insights - The pet insurance market is experiencing rapid growth, with some companies reporting premium growth rates exceeding 100% in the past two years, driven by the increasing willingness of pet owners to invest in their pets' health [1][6] - Despite the growth potential, the industry faces significant challenges, including high claims costs for insurers and dissatisfaction among consumers regarding policy limitations and low payouts [1][7][8] - The need for a standardized regulatory framework in the pet insurance industry is urgent, as current issues stem from the lack of regulation in the pet medical market and inadequate product design [1][12] Industry Overview - The pet economy is booming, with the number of pet dogs and cats in China expected to exceed 120 million by 2024, and the urban pet consumption market projected to surpass 300 billion yuan [2] - The average medical expenses for pet owners have increased, with average costs for treating dogs and cats reported at 2,786 yuan and 2,390 yuan respectively in 2023, up from 2,460 yuan and 2,287 yuan in 2022 [3] Market Dynamics - The pet insurance market in China has grown from 210 million yuan in 2017 to 3.37 billion yuan in 2021, with a compound annual growth rate of 100.4% [6] - Despite high growth rates, the penetration rate of pet insurance in China remains below 1%, indicating significant room for expansion compared to countries like Sweden and Japan, where penetration rates are approximately 40% and 10% respectively [6] Consumer and Insurer Perspectives - Consumers express dissatisfaction with pet insurance due to perceived limitations and low compensation, with complaints about inadequate payouts being common [7][8] - Insurers report high claims costs, with some companies operating at a loss, attributing this to the high cost of claims and the prevalence of fraud in the industry [8][9] Regulatory and Standardization Efforts - There is a growing recognition of the need for a collaborative approach to establish a regulatory framework for the pet insurance industry, involving insurance platforms, veterinary hospitals, and academic institutions [12] - Efforts are underway to create standardized medical practices and insurance product designs to improve transparency and reduce costs for consumers [12][13]