The growing number of dogs and cats kept as pets in Hong Kong and on the mainland will lead to an increase in demand for pet insurance, according to a study by reinsurer Munich Re.
While pet owners showed interest in insurance cover they complained that too few insurers offered cover for their four-legged friends.
Hong Kong government statistics show that about 10 per cent of households in the city have pets, with a total of 247,500 dogs and 167,600 cats. A Munich Re spokesman said the number of dogs in Hong Kong rose by 25 per cent between 2006 and 2011, while the number of cats increased by 65 per cent.
Meanwhile, the pet population on the mainland has increased to 30 million, making it the world’s third-largest pet market after overtaking Japan, with 22 million, in 2012, the Munich Re study showed.
The reinsurer sells pet insurance in Europe but not in Asia.
Stephan Haverkamp, a senior underwriter at Munich Re, said the mainland’s pet population was likely to rise given that only 10 per cent of households had a pet, compared with 50 per cent in the United States.