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Japan insurers bet big on country's $745m pet policy market

Orix Life, Dai-ichi Life hope ties with pet owners lead to more contracts

Only 15% of Japan's pet owners insure their animals, and many pet insurers are operating in the red.   © Reuters

TOKYO -- Japanese insurers are jumping into the country's pet insurance market, which has grown 50% to over 100 billion yen ($744.6 million) in three years, in the hope that pet policies will provide an opportunity to attract new customers.

The opportunity comes with challenges, however, as pet insurance is not a very profitable business. Some financially weak small- and midsize pet insurers have received administrative punishment.

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