An exhibitor displays a Alaskan puppy at the 13th China Changchun Agricultural Expo in Changchun, capital of Northeast China's Jilin province, Aug 19, 2014. [Photo/Xinhua]

PICC Property and Casualty Insurance Co Ltd, together with another two institutions, on Tuesday launched the country's first pet insurance, eyeing the fast growing niche market.

According to China Animal Agriculture Association, there are more than 20 million registered dogs across the country. However, since there is no insurance targeting pet, the expensive medical care for pet is a burden for families raising the animals.

The new pet insurance policy covers all types of cats and dogs. With an annual premium ranging from 450 yuan to 3,380 yuan, the coverage of pet medical care will be around 5,000 yuan to 50,000 yuan each year. And the policy will be used in more than 500 pet hospitals and 5,000 pet shops.