IT has long been a consensus among pet lovers that it is more expensive for pets to seek medical treatment than humans. Increasing pet-raising expenses, now becoming an issue for many, has prompted some owners to buy insurance for their beloved pets.

However, it still remains a bone of contention among pet owners whether pet insurance is necessary. Industry insiders have called for relevant standards and norms in the pet insurance industry to protect the legitimate rights and interests of consumers, Shenzhen Evening News reported.

In recent years, many traditional insurance companies and internet enterprises have forayed into the pet insurance field. At present, the main types of pet insurance on the market include pet liability insurance and pet medical insurance.

According to a citizen surnamed Xu, pet insurance is a must-buy. Xu received a medical bill of 5,500 yuan (US$850.3) after she took her cat to a veterinarian for examination. Considering her pet’s health condition, Xu bought an insurance that costs a premium of 799 yuan a year for her cat.

A number of interviewees also told the News that they are willing to fork out for pet insurance in case of need, regardless of some tricky issues in pet insurance.

But some consumers still hold a wait-and-see attitude toward pet insurance. A citizen surnamed Chen, who owns two cats, told the News that it is not worthwhile buying pet insurance, because “the money for insurance is enough to see a doctor, and the insurance company will refuse to pay for compensation for various reasons.”

According to the 2019 white paper on China’s pet industry, less than half of consumers affirmed the necessity of pet insurance. Data showed that 62 percent of consumers are unaware of pet insurance products and 40.7 percent do not know how to select the right products.

In addition, a high premium, poor cost-effectiveness and strict terms have also become the reasons for consumers to turn away from pet insurance.

Chen Wei, deputy head of the lawyer volunteer group of Shenzhen Consumer Council, said that as the pet insurance industry develops rapidly, relevant industry norms are necessary to protect consumers’ rights and promote the industry’s sustainable development.

According to Chen, commercial institutions should reasonably set the types of pet insurance within the insurance contract, agree on the rights and obligations of both parties, and protect the legitimate rights and interests of the policy holders.

The number of pets in Chinese cities and towns surpassed 100 million last year, according to statistics from the 2020 white paper on China’s pet industry.

(Zhang Yu)