Shift in mindset

As Hong Kong's pet culture evolves, the insurer is adapting to owners' diverse needs by expanding coverage to include turtles and birds.

Besides its insurance products, OneDegree has other offerings. Its PawBook app offers free vet consultations, while a shopping platform sells pet products ranging from beds to smart water dispensers. The company also organizes educational events like pet-care workshops to help owners better tend to their furry companions.

Emily Chow Mei-wah — OneDegree's deputy chief executive — is confident that the demand for pet insurance will continue to expand in Hong Kong, noting huge potential for growth as the current penetration rate in the city is at just 8-10 percent, compared with 30-40 percent in Western markets like the United Kingdom and Sweden.

The key factors driving the market include the continuous rise in the number of pet owners and soaring medical costs. The insurer's claim records showed that average annual medical costs for each pet soared to HK$12,735 last year — nearly double the costs of five years ago.

"If you own a pet, it eventually needs medical care, just like humans," says Chow.

She says buying pet insurance isn't just about financial planning. It's about responsible ownership. "Such a mindset reflects societal progress. Pets aren't toys for our amusement — they're living beings that deserve proper treatment and care."

Perhaps, the most visible sign of progress is Hong Kong's gradual embrace of pet-friendly infrastructure. While pets were once banned from most indoor public spaces, they're now welcomed on designated subway carriages, selected buses, and at a growing number of malls and cafes.

Chow expects to see 30 percent annual growth in the pet insurance market. OneDegree aims to expand its market reach by addressing consumer concerns and enhancing value-added services. The goal isn't just policy sales. It's fostering a culture where protecting pets becomes as instinctive as caring for them.

A pet lover takes a photo with her pet in the store decoration during the Hong Kong Pet Show at the Hong Kong Convention and Exhibition Centre in Wan Chai on Feb 6, 2025. (ADAM LAM / CHINA DAILY)