A new player is entering South Korea’s rapidly expanding pet insurance market, as MyBrown, a dedicated pet insurance company, prepares to start operations in July.
The Korea Times reports that the company has received final approval from the Financial Services Commission (FSC), marking the first full license issued under the government’s small-amount, short-term insurance system introduced in 2021.
This innovative regulatory framework permits companies with a minimum capital of KRW 2 billion (approximately $1.5 million) to offer specialized insurance products tailored to everyday consumer needs.
Founded in March 2024, MyBrown secured preliminary approval by September and has since raised initial capital totaling KRW 13.2 billion.
The company benefits from strong institutional support, backed by major players including Samsung Life Insurance, Samsung Fire & Marine Insurance, Green Cross Veterinary Products, and Woorien. Their combined expertise is expected to establish MyBrown as a trustworthy provider within the growing pet insurance sector.
South Korea’s domestic pet insurance market is experiencing remarkable growth, with 162,111 policies issued across 10 insurers in 2024 — representing a 23-fold increase since 2018.
As demand for pet insurance coverage rises, MyBrown’s market entry offers consumers more options and highlights the increasing importance of niche insurance types within the broader insurance landscape.
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