The latest data from Pearson Ham on Pet Insurance. The data suggests a slight drop in premiums;
Pearson Ham Group’s Pet Insurance Price Index reveals that the reductions observed last quarter have continued, with Lifetime cover for the top 5 priced policies dropping by -1% in May. Year-on-year prices for Lifetime cover are now 11% higher than this time last year, indicating that the growth in premiums has almost halved from its peak of 21% in February 2024.
Lifetime cover is the most sought-after form of pet insurance. Specifically, pricing for cats decreased by -0.5%, while pricing for dogs saw a more substantial decrease of -1.1%.
Regional disparities are evident, with pet owners in the East of England experiencing the largest decrease in premiums, with a reduction of -1.4%. On a year-on-year basis, the East of England and Northern Ireland have seen the lowest premium inflation compared to other regions (8%), whereas the North East has seen the highest (18%).
Stephen Kennedy, Director of Pearson Ham Group, said:
“Pet insurers continue to address turbulence in light of rising vet and claims costs, as well as vet ownership consolidation and the recent announcement of the CMA investigation into the market. While it is challenging to determine the precise impact at this stage, it is likely that pet owners will continue to benefit from reducing prices.”
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