A dedicated pet insurance company is all set to begin operations in the South Korean market from July, reported the Korea Times.
The company, MyBrown has secured its final approval from the Financial Services Commission, who have issued the first full license under its small-amount, short-term insurance system, introduced in 2021. The system allows companies with a minimum of KRW 2bn ($1.5m) in capital to offer specialised insurance products tailored to everyday needs.
Founded in March 2024, MyBrown received preliminary approval in September. The company has been set up with an initial capital of KRW13.2bn, and is backed by Samsung Life Insurance, Samsung Fire & Marine Insurance, Green Cross Veterinary Products and Woorien. The South Korean domestic pet insurance market has grown rapidly, with 162,111 policies issued in 2024 by 10 insurers, which is a 23-fold increase since 2018.