Here’s some data on pet cover premiums, which seem to have levelled off recently;
The latest Pet Insurance Pricing Index from Pearson Ham Group reveals a stabilisation of premiums in December 2024, following a year of fluctuating pricing trends. This levelling off comes in the wake of November’s significant decreases in Lifetime cover premiums, marking the steepest monthly drop since December 2022.
This trend reverses a series of steady increases observed throughout much of 2024, with Lifetime cover premiums now largely unchanged compared to 12 months ago. The findings signal a notable shift in the pricing landscape for pet insurance.
Regional variations remain stark, with London leading the charge in Lifetime cover reductions, recording a 5% decrease over the past year. The East of England closely follows with a 4% drop. However, a contrasting picture emerges in the North East, which saw premiums rise by 0.9% in December alone.
By pet type, there is some disparity in the data. Premiums for dog owners have decreased by 3% year-on-year, while cat owners have faced an increase of 2%.
Commenting on the findings, Frances Luery of Pearson Ham Group said:
“2024 has been a year of contrasts in the pet insurance market. The sharp fall in November stands in stark contrast to the persistent increases earlier in the year, underscoring a shift in how insurers are approaching Lifetime cover pricing.
“The regional and pet-specific trends point to an increasingly nuanced market. London pet owners have seen the greatest benefit from falling premiums, while cat owners nationwide are feeling the pinch.”
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