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Fido’s longevity expanding Japanese pet insurance market

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Pets in Japan are living longer thanks to advances in medical science, and the threat of soaring veterinary bills is resulting in a boon for the pet insurance market, The Japan Times reported Tuesday.

The pet insurance market, which covers cats and dogs, has seen annual growth of nearly 20% and was worth roughly $450 million at the end of March last year, according to a private survey reported in the Japan Times.

The Japan Pet Food Association estimates that there were 8.92 million pet dogs and 9.52 million pet cats in 2017, according to the article, which points to social media postings of pets as proof — they are fur babies.

“Considering their pets as part of the family, owners who seek proper treatment for their pets are increasing,” an official of ipet Insurance Co. Ltd., a Tokyo-based pet insurer, told a reporter.