“高期待”VS“高赔付” 宠物险如何“叫座又叫好”？

Core Insights - The pet insurance market in China is experiencing rapid growth, with premium growth rates exceeding 100% in recent years as more pet owners seek to mitigate high veterinary costs [1][2] - A significant demand for pet insurance is evident, with 95.2% of pet owners expressing willingness to purchase health insurance for their pets [2] - The current pet insurance offerings are primarily focused on medical expense reimbursement, liability coverage, and accident insurance, but there are concerns regarding low coverage limits and product variety [3][4] Market Overview - The Chinese pet market is projected to exceed 300 billion yuan in 2024, with over 120 million pets [1] - Pet medical expenses are rising sharply, leading to increased demand for insurance products that can alleviate financial burdens [2] - The penetration rate of pet insurance in China is still below 1%, indicating significant growth potential as pet ownership trends evolve [3] Product Challenges - Many pet insurance products have low coverage limits that do not adequately address the high costs of veterinary care, leading to dissatisfaction among pet owners [4] - The majority of pet insurance products have age restrictions for coverage, making it difficult for older pets to obtain insurance [4] - There is a mismatch between consumer expectations for insurance payouts and the offerings available in the market, with many products failing to meet diverse consumer needs [4] Profitability Issues - Insurance companies face challenges with low premiums and high claims, resulting in profitability concerns [5] - The variability in veterinary pricing and potential over-treatment complicates underwriting and claims processes for insurers [5] - The cost of fraudulent claims and non-standardized treatment practices is estimated to consume over 20% of product payout costs, complicating product design and pricing [5] Regulatory and Market Development - There is a pressing need for standardized veterinary practices to create a stable market for pet insurance, which would allow for more flexible and practical insurance product designs [6] - Some insurance companies are exploring direct connections with veterinary clinics to streamline claims processes and reduce underwriting costs [6] - Recommendations for insurers include conducting thorough market research to tailor products to consumer needs while managing moral hazard risks [6]