Prudential "Hong Kong Furkid Protection Survey":
Over 70% of pawrents underestimate veterinary costs
Number of Prudential pet insurance policies increased by over 40% in FY2023;
Upgraded PRUChoice Furkid Care Insurance offers the highest1 medical expenses coverage in the market, plus market-first no-wait coverage switching and market-rare emergency pet sitting care
(9 April 2024, Hong Kong) Prudential General Insurance Hong Kong Limited (“Prudential”) today announced the results of its new “Hong Kong Furkid Protection Survey” ("the Survey”)2 , revealing that 86% of surveyed Prudential customers who own a cat or a dog do not have pet insurance. It points to a relatively low penetration rate for pet insurance in Hong Kong and a significant gap in coverage.
The Survey further showed that pawrents underestimate the veterinary medical expenses they are likely to incur. Almost three quarters (74%) of the respondents estimated that the annual pet treatment would typically cost less than HK$10,000, while 77% expecting fewer than three treatments per year. However, according to market data3, fees for a regular day-time consultations at veterinary clinic start at HK$300, while nighttime consultations can easily cost over HK$1,000. Once these costs are combined with other fees for medication, surgery, and hospitalisation, a single treatment can amount to over HK$10,000.
Furthermore, among those surveyed who have not purchased pet insurance (86%), less than one-fourth (23%) plan to do so. When asked about their reasons for not being interested in purchasing insurance, 44% said they relied on savings to cover pet-related expenses, while a third (34%) cited the perceived complexity of the claims process as a deterrent.
Furkids’ access to emergency medical care the top concern for pawrents
When asked about their main concerns, 62% of pawrents cited timely emergency treatment, while over half (51%) expressed worry about having insufficient funds to cover their pets' ongoing medical expenses. These factors mirror pawrents’ considerations when purchasing pet insurance. Nearly all pawrents (95%) with pet insurance or planning to purchase the plans said the coverage and features of the plan were their main considerations, followed by premium costs and payment options (81%). Hong Kong people are keen travelers, so it followed that nearly half (47%) of those surveyed expressed concerns about their pets receiving proper care while they are away.
Kelly Mok, General Manager of Prudential General Insurance Hong Kong Limited, said: "We saw growth in our pet insurance business in 2023, where the number of policies increased by more than 40% year-on-year4, reflecting a continued rise in demand of furkid protection. Listening and understanding is at the core of Prudential’s customer-centric culture. Through this Survey, we recognise that the main concern of pawrents is timely emergency treatment. Therefore, we have launched an enhanced version of our Furkid Care Insurance to address this and other evolving needs of customers. By offering the highest coverage in the market for veterinary expenses and by introducing market-first features, such as waiver of waiting periods for coverage switching, along with the market-rare emergency pet-sitting care, Prudential is at the forefront of pet insurance market with new advances in the types of protection it offers.”
Upgraded PRUChoice Furkid Care Insurance covers diverse medical needs of pets
Prudential listens intently to the needs of pawrents and has upgraded Furkid Care Insurance, which now offers several revolutionary protections features that enhance pet medical coverage with a more convenient application process. The features include:
|
New Features |
Details |
|
Waiving the microchip requirement for cats |
Acceptance of cats without the need for them to have a microchip |
|
Highest in market |
Coverage for medical expenses up to HK$90,000 per policy year, including medical expenses such as those for CT and MRI scans |
|
First in market |
Waiting period is waived for an insured furkid that has been continuously insured under another pet insurance with similar medical coverage in Hong Kong for at least 1 year immediately prior to the effective date of this policy |
|
Reduction of the waiting period for chronic renal disease |
Waiting period for pets with chronic renal disease significantly reduced from 180 days to 30 days |
|
Rare in market |
Covers the emergency pet sitting costs without co-payment in case the owner is hospitalised or delayed in overseas travel for over 2 consecutive days |
“We understand that many pawrents regard their furkids as part of their family. In keeping with our mission, 'For Every Life, For Every Future,' Prudential is committed to bringing total protection solutions to modern families, safeguarding them in their current lifestyle and future life stages, including retirement planning,” said Mok. “In 2023, Prudential’s general insurance business saw a remarkable 17% year-on-year increase in overall gross premiums, four times that of the overall market. This reaffirms the effectiveness of our business strategy as well as the widespread acceptance of our products among the customers.”
From now until 31 May, customers can enjoy a refund of up to 25% of the first-year annualised premium5 by successfully taking out PRUChoice Furkid Care Insurance via PRUeShop, plus one-year Hong Kong Pet Club membership with unlimited fee waivers for the night-time pet ambulance service . The first 300 policyholders who successfully insure can get a fursonalised “Pet with you” Octopus keychain5,6.
For more details of the product features and the above promotion offers, please refer to the product brochure and promotional flyers (Hong Kong Pet Club membership and Octopus keychains) on the official Prudential website.
1 Based on the comparative results of pet insurance plans from major insurance companies in Hong Kong as of February 2024
2 Prudential conducted an online survey in November 2023, interviewing 473 Prudential’s customers
3 Source：The insurance comparison platform, 10Life, published an article on 23 November, 2024
4 Sales figures of Prudential’s general insurance business in FY2023
5 Promotion offers and gifts are subject to terms and conditions
6 The promotion gift has no deposit or initial store value included
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Disclaimer
PRUChoice Furkid Care is underwritten by Prudential General Insurance Hong Kong Limited. This document does not contain the full terms and conditions of this plan and is for reference only. For further details and the terms and conditions of this plan, customers can ask Prudential General Insurance Hong Kong Limited for a sample of the policy document. This document is for distribution in Hong Kong only. It is not an offer to sell or solicitation to buy or provide any insurance product outside Hong Kong. Prudential General Insurance Hong Kong Limited does not offer or sell any insurance product in any jurisdictions outside Hong Kong where such offering or sale of the insurance product is illegal under the laws of such jurisdictions.
About Prudential Hong Kong Limited
Prudential has been serving the people of Hong Kong since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide a range of financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits. In 2023, Prudential has established a branch of its Hong Kong business in Macau, offering life and health insurance solutions.
Please visit www.prudential.com.hk for more information.