South

April 15 (Asia Today) — South Korea’s pet insurance market has expanded more than threefold in the past three years, but low enrollment rates continue to limit its growth, prompting insurers to step up marketing efforts.

According to industry data, the number of pet insurance policies in force reached 251,961 last year, up 55.4% from a year earlier. The figure has increased about 3.5 times from 71,896 in 2022.

New policy subscriptions have also risen steadily, while total premiums surpassed 100 billion won (about $75 million) for the first time, jumping from 28.8 billion won (about $21 million) in 2022 to 129.1 billion won (about $97 million) last year.

Despite the rapid growth, the market penetration rate remains low. Data from the KB Financial Research Institute show that only about 2-3% of pets are insured.

As of late 2024, about 15.46 million people in South Korea owned pets, with an estimated 7.63 million dogs and cats nationwide.

The low adoption rate contrasts with more mature markets such as Japan, where the pet insurance sector is valued at around 1 trillion won (about $750 million).

Industry officials say the market still has strong growth potential, driven by rising pet ownership and increasing veterinary costs. Government data show the average monthly veterinary expense per pet is about 37,000 won (about $28), though costs vary widely by clinic.

To raise awareness, insurers are expanding promotional efforts. Companies are launching supporter programs, hosting offline events and collaborating with influencers and pet trainers to reach potential customers.

For example, a pet-focused insurer recently launched a supporter program in which participants share their experiences using insurance products. Other companies have held in-person promotional events and partnered with well-known dog trainers to produce online content.

Analysts say high premiums and limited coverage remain key barriers. Calls are also growing for standardized veterinary pricing to reduce uncertainty in medical costs.

“As pets are increasingly seen as family members, interest in their health care is rising,” an industry official said. “Insurers are working to tap into latent demand by expanding coverage and improving price competitiveness.”

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260416010004872

Roelf Meyer will replace the South African ambassador who was expelled from the US by President Donald Trump in 2025.

South Africa has appointed Roelf Meyer, who helped negotiate the end of white minority rule in his country in the 1990s, as the next ambassador to the United States, according to local media.

Meyer’s appointment is seen as a sign that Pretoria is aiming to improve its relations with Washington following a “turbulent year”, according to the South African Broadcasting Corporation.

South Africa has gone without diplomatic representation in Washington, DC, since March 2025, when US President Donald Trump expelled Ambassador Ebrahim Rasool for his criticism of the Make America Great Again (MAGA) movement.

Posting on social media at the time, US Secretary of State Marco Rubio accused Rasool of being a “race-baiting politician” who hates the US and Trump.

Rubio’s post linked to a story by US conservative news site Breitbart that reported on a talk Rasool gave on a webinar organised by a South African think tank. Rasool had spoken in academic terms of the Trump administration’s crackdown on diversity and equity programmes, as well as immigration, and mentioned the possibility of a future US where white people would no longer be in the majority.

Trump last year also issued an executive order freezing most foreign assistance to South Africa amid the country’s legal action at the International Court of Justice over Israel’s genocide in Gaza and the passage of a controversial South African law aimed at correcting historic racial disparities in land ownership.

Tensions escalated further when Trump then launched a refugee programme for white South Africans, whom the US president claims face government-led persecution in their home country.

Meyer, 78, is a seasoned negotiator with experience working under pressure. As a member of South Africa’s white Afrikaans minority, he once served as a minister under the apartheid Nationalist Party government.

He rose to prominence in the 1990s, during the final days of apartheid, as the Nationalist Party held talks with the African National Congress (ANC) to end segregation and white minority rule. The talks paved the way for South Africa’s first democratic elections in 1994.

As the chief negotiator, Ralph had become acquainted with South Africa’s current president, Cyril Ramaphosa, who was then an ANC negotiator.

Meyer himself later joined the ANC in 2006.

He is set to take up the post as US ambassador once all protocols are complete in Washington, DC, according to Ramaphosa’s office.

April 14 (Asia Today) — Circle is stepping up efforts to expand its stablecoin footprint in South Korea, aiming to challenge the dominance of Tether through a dual strategy focused on trading and payments.

Tether currently accounts for more than 80% of stablecoin transactions in South Korea and over 60% globally, according to industry data. Circle’s USD Coin, or USD Coin, holds a much smaller share in Korea, at around 10%.

Industry officials said Circle recently met with major South Korean exchanges, including Upbit, Bithumb and Coinone, to expand USDC trading and improve accessibility. The move is aimed at securing liquidity in one of the world’s largest cryptocurrency markets.

Circle CEO Jeremy Allaire visited South Korea this week and signed agreements with local exchanges and fintech firms to promote stablecoin adoption.

With Dunamu, the operator of Upbit, Circle is working on initiatives focused on regulatory compliance, transparency and user education. With Bithumb, the companies agreed to explore integration of multi-chain digital asset infrastructure and stablecoin technologies. Promotions such as fee discounts and airdrops are also being used to boost USDC trading on platforms like Coinone.

Beyond exchange trading, Circle is also expanding its payment infrastructure. The company is promoting its proprietary network to support real-world payments and cross-border transfers, including partnerships with South Korean fintech firm Hecto Financial.

Analysts say this reflects a broader strategy to compete with Tether not only in trading volume but also in real-world financial use cases.

USDC is backed by cash and U.S. Treasury assets and publishes regular disclosures, a structure that has made it attractive to financial institutions. It also operates across multiple blockchain networks, offering flexibility in transaction speed and fees.

Data suggests USDC has gained traction in payments and transfers. According to industry estimates, its on-chain transaction volume reached about $17 trillion last year, exceeding Tether’s roughly $12.9 trillion, indicating stronger usage in real-world transactions rather than exchange trading.

Experts say competition between the two stablecoins is shifting from market share to function.

“Stablecoin competition is no longer about issuance volume but about use cases,” said Gautam Chughani of CoinShares, adding that USDC is expanding rapidly in payments and institutional finance.

Analysts say Tether is likely to maintain its strength in trading liquidity, while USDC could gain ground through integration with the broader financial system.

Circle said it does not plan to issue a Korean won-pegged stablecoin directly, signaling instead that it may participate as a technology provider in a future bank-led consortium structure.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260415010004432