See Spot covered: Chinese fintech eyes Hong Kong pet insurance

Hong Kong is often seen as a leading center of banking, business and finance, but its pet insurance penetration rate lags way behind, according to Alvin Kwock Yin-lun, co-founder and chief executive of OneDegree, a Chinese fintech company.

Hong Kong, he says, insures just 3% of its more than half-million pets, lagging far behind nations such as Sweden at 30%, Britain at 20% and neighbor Japan at 10%, according to the South China Morning Post.

OneDegree is among an early wave of online insurers looking to tap the Hong Kong market, the Post said.

Designed to cover veterinary bills and other expenses, pet insurance premiums are expected to range from a few hundred dollars to several thousand, depending on the breed and health history of the pet and the scope of coverage.

Applications, payments and claims will all be handled online. Claims could be handled in as little as a day, Mr. Kwock said, adding that OneDegree is “keen to be among the first batch of online insurance companies in Hong Kong for a general insurance license to sell pet, car, travel and other products.”