The Financial Services Commission introduced a set of proposed measures that will help bring about improvements to pet insurance services on October 16, announced jointly with the relevant government ministries.

The measures to improve pet insurance services are intended to address the following—(a) ensuring stable operation of pet insurance services based on a reasonable veterinary fee rates system; (b) creating a one-stop service enabling pet owners to sign up for pet insurance, file for insurance claims; manage health conditions of their pets and register their pets all from a single place; (c) improving the structure of pet insurance products and developing new products tailored to the needs of pets and their owners; and (d) allowing insurers specializing in pet insurance to operate in the market.

The FSC and the Ministry of Agriculture, Food and Rural Affairs will continue to maintain close communication with the relevant authorities and industries to ensure effective implementation of the proposed measures.

In this process, the authorities will particularly work on boosting cooperation between the veterinary and insurance industries in order to bring about improvements and reduce inconveniences in the provision of veterinary and pet insurance services to consumers.

* Please refer to the attached file for details.