Hong Kong’s pet medical inflation increases 18% with cost over HK$2,000 per vet visit
(Hong Kong – 15 September 2022) The latest data from the Hong Kong Census and Statistics Department showed that nearly 10%, or over 250,000 of the total households in Hong Kong keep a pet dog or cat, with a pet population at approximately 405,000. Considering these four-legged companions as important family members, pet owners are willing to spend more on their pets’ health. OneDegree Hong Kong Limited (“OneDegree”), a leading virtual insurer, has witnessed a rapid growth in that of pet expense. The average medical cost for pets rose by 18%, from HK$1,728 in June 2021 to HK$2,031 in June 2022. The single veterinary expenses can be as high as HK$132,956, reflecting the veterinary care is increasingly expensive in Hong Kong.
Individual medical treatment fee rises up to 55%
Data2 showed that costs of specific medical treatments had skyrocketed. Fee of a general practice consultation went up 55% from approximately HK$312 in June 2021 to HK$484 in June 2022, while the medication fee also rose by a similar yearly rate of 49%, from approximately HK$555 in June 2021 to HK$829 in June 2022. Surgery cost also escalated, reaching HK$5,325 (26% y-o-y increase).
Alvin Kwock, Co-Founder of OneDegree, said, “Pet medical inflation remains high. The average cost of a medical treatment for a pet generally falls between HK$1,000 and HK$10,000, with some extreme cases even exceed HK$100,0002. With advancements in technology revolutionizing pet healthcare with new medical technologies developed, it is expected that the medical cost will continue to rise. Therefore, it is no surprise that the pet insurance market is experiencing a rapid growth. A comprehensive pet insurance not only provides pet parents peace of mind that their furry companion will be taken care of in the event of a costly accident or illness, but also helps manage unexpected vet bills and relieve the financial stress.”
Pawfect Care – The only CEO Plan in pet insurance with no sublimit
To cope with the increasing medical expenses and numerous charging items, OneDegree Pawfect Care, the only CEO Plan in the pet insurance industry that does not apply any maximum limit on any sub-item , allowing greater flexibility and better protection within the the plan’s annual coverage.
Pawfect Care not only has long been well received in the market, serving ten thousand of pet parents and their much-loved furry friends, the policyholders have also grown rapidly in the past year. As of 30 June 2022, the sales of Pawfect Care rose almost 200% from a year ago and the product was highly appreciated by the users, which is rated 4.6 stars on Google. “I didn’t need a microchip number to sign up my Exotic Shorthair,” said one user. “My cat is now seven years old and had two accidents already. The medical treatments costed nearly HK$4,000 in total, which were covered by the insurance. It took just a few days to receive the reimbursement, and it was easy to file a claim with two minutes only. I would recommend the insurance to others!”
Nearly half of Pawfect Care’s customers chose the Ultra Plan which offers a number of market-leading features. The Ultra Plan provides the highest medical coverage in town, reimbursing pet parents as much as 90% of vet bills up to HKD 70,000 annually.
OneDegree to participate in Pet Show 2022 to support furry friends
Apart from providing protection for our furry friends to keep them healthy, OneDegree will take part in the Hong Kong Pet Show 2022 from 22 to 25 September 2022 at the Hong Kong Convention & Exhibition Centre. With an exhibitor booth, OneDegree will give away a range of pet gifts and launch an exclusive “OneDegree x MaskOn” crossover product. Stay tuned!
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