Pet insurance popular in Japan
Japan’s Kyodo News Agency has reported that many more pet owners in Japan are buying insurance coverage for their furry friends than before. Their concerns are reportedly being driven by soaring medical bills, which in turn are a result of medical advances that promise a longer life expectancy for pets.
As of the end of March 2017, according to the results of a private survey, Japan’s pet insurance market was worth US$450 million. It has seen an annual growth rate of approximately 20 per cent for the last few years.
There are nearly nine million domestic pet dogs in Japan and over 9.5 million cats, although the number of dogs are reportedly dropping. And while, currently, only seven per cent of owners buy pet coverage, potential demand is thought to be very high, as more and more consider taking out policies to cover themselves against extortionate medical bills for broken paws, blood transfusions and so on.