China's pet insurance market has bright prospects amid growing rates of pet ownership across the country. Last year, over 73m households in Chinese cities owned pets.
The value of the Chinese pet market reached CNY170.8bn ($25.3bn), with medical care for cats and dogs accounting for 14% and 15%, reported People's Daily Online.
The report also showed that the average annual cost of medical care stood at CNY1,557 for dog owners and CNY1,446 for cat owners. However, those who bought medical insurance for their pets spent only around CNY300-500 in pet insurance premiums.