A leading pet insurance comparison platform in South Korea has suspended its services after several major insurers withdrew from the site, leaving it without available products and effectively halting its core operations, according to local media reports.
The disruption follows an April directive from the Financial Supervisory Service (FSS), which mandated a reduction in pet insurance renewal cycles from three years to one. The move was intended to curb overtreatment and address unsustainable loss ratios in the sector.
In response, insurers revised their pet insurance offerings beginning in May. However, the updated policies have yet to be integrated into the comparison platform due to delays in coordination. The absence of updated products has rendered the platform nonfunctional, significantly diminishing its value to consumers seeking insurance guides and product comparisons.
Currently, pet insurance comparison platforms integrated with Naver Pay and Kakao Pay list insurers such as Samsung Fire & Marine Insurance, Meritz Fire & Marine Insurance, DB Insurance, Hyundai Marine & Fire Insurance, and KB Insurance. Notably, only KB Insurance appears on both platforms, while others are featured on just one. Meritz Fire & Marine Insurance is not represented at all.
The delay in uploading new insurance products stems from technical and financial factors, including the need to recalculate platform fees in accordance with revised premiums and conduct system testing to ensure proper display functionality.
Critics have pointed to a lack of urgency among insurers, suggesting their slow response reflects the relatively low priority given to pet insurance within the broader industry. This sluggish adaptation has left many consumers without access to trustworthy insurance comparisons during a time of regulatory transition, prompting concerns about transparency and customer service in the sector.
As the pet insurance market evolves, experts say improved digital integration and proactive industry engagement will be essential to ensure consumer access and confidence in emerging insurance coverage options.
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