Pet insurance in Southeast Asia: a gap in the market?
Recently funded digital insurance firm Igloo notes the region’s lack of accessibility to pet care despite increased demand.
Singapore-based insurance firm Igloo, which has pet insurance among its offerings, has recently completed a $36 million (€32.9M) pre-series C funding round.
The firm, which operates in Indonesia, Thailand, the Philippines, Vietnam and Malaysia, has seen its valuation increase by 50%.
A company spokesperson notes, “Southeast Asia as a whole is a market brimming with potential for pet insurance, as the markets have high pet ownership rates.”
The downside
Despite the potential, the number of veterinarians has not kept pace with the increasing trend of pet ownership.
For example, according to the Philippine Veterinary Medical Association (PVMA), it is believed that in the Philippines, just 1 vet is available for every 10,000 pet owners in the country.
The company believes there is a negative commonality between these markets, which have “low insurance literacy.” It aims “to address these challenges by developing affordable microinsurance products that are personalized and easy to understand.”
Moving to new markets
Igloo is monitoring markets and hopes to reach those in “regions that show high potential for pet care and pet insurance.”
However, a company spokesperson says the business noted that factors such as the “availability of the right enablers, the demand, and the growth potential” must be taken into consideration.
Igloo was founded in 2016 to make insurance accessible and more affordable through data and technology in Southeast Asia.
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