5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而入⋯⋯

Core Insights - The pet market in China is experiencing explosive growth, with the number of pet cats and dogs expected to exceed 120 million by 2024, leading to a market size surpassing 300 billion yuan [2] - The pet medical insurance market is projected to grow from 30.3 billion yuan in 2021 to 78.9 billion yuan by 2026, reflecting a compound annual growth rate of 21.1% [2] - The pet insurance premium scale has increased dramatically from approximately 5 million yuan in 2020 to 1.7 billion yuan in 2024, indicating a 33-fold growth over five years [2] Industry Growth - The pet insurance market in China has shown significant growth, with premiums reaching 500 million yuan in 2020 and doubling to 1 billion yuan in 2021, and further increasing to 5 billion yuan in 2022, 9 billion yuan in 2023, and 1.7 billion yuan in 2024 [9][10] - By 2025, the market is expected to exceed 3 billion yuan based on past growth rates [9] Company Participation - Among 89 property insurance companies, 33 have entered the pet medical insurance sector, offering over 132 products, with around 90 currently available for sale [10][12] - Major players like ZhongAn Online have reported a 129.5% year-on-year increase in pet insurance premiums, surpassing 1 billion yuan in 2024, leading the market [5] Product Offerings - The pet insurance products primarily cover medical expenses, with common features including zero deductibles and reimbursement rates of 70% for designated hospitals and 40% for non-designated hospitals [20] - The product landscape is relatively homogeneous, with many offerings including accident and illness coverage, along with additional services like vaccinations and deworming [20] Challenges and Issues - The industry faces challenges such as high claims costs due to non-standardized medical practices and fraudulent claims, with claims costs exceeding 20% of premiums [16][21] - There is a notable disparity in treatment costs for the same conditions across different regions and providers, complicating the pricing and risk assessment for insurers [21] Future Outlook - The pet insurance market is still in its developmental phase, with significant potential for growth as the penetration rate remains low compared to mature markets like Sweden and Japan [8][21] - Industry experts suggest that collaboration among insurers, veterinary hospitals, and pharmaceutical companies is essential to establish standardized treatment protocols and pricing, which could enhance the overall market stability and growth [21]