Some data from Ham Group on pet insurance premiums, which continue to rise as advances in treatments and surgery are made;
While Lifetime cover premiums have risen steadily, Time Limited and Max Benefit policies have seen even more pronounced increases during 2024. Since January, Max Benefit premiums have surged by 13%, while Time Limited policies have experienced a 12% rise, reflecting heightened pricing pressures across different cover types within the pet insurance sector.
Pricing Variations by Pet Age and Type
Premium trends differ depending on the pet’s age and type. Lifetime cover premiums for pets under one year old have remained relatively stable over the last 12 months, while premiums for pets over a year old have risen by 11% as of September. Additionally, premium volatility has been more significant for dogs than for cats over the past year, with March witnessing a noticeable decline in dog premiums. However, since Q2, price increases have aligned across pet types, with cats experiencing a 9% rise in premiums and dogs a 7% increase over the past year.
Regional Disparities
Pet insurance premiums show marked regional differences, with the highest increases observed in the North East and Scotland, where premiums rose by over 11% in the last 12 months. In contrast, London saw more modest annual inflation, with premiums up by 3.6% as of September.
Frances Luery of Pearson Ham Group, said:
“The overall trend remains upward for pet insurance premiums over the past year. Despite the CMA’s investigation, which may influence the veterinary sector, premium growth persists. We anticipate further developments in the coming months that could impact pet insurance pricing. The differences in premiums by region and pet type underscore the importance of insurers remaining agile in response to an evolving market landscape.”
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