Pet cover price decreases come to a halt

Pet insurance pricing has returned to moderate growth, halting the reductions seen in the first quarter of the year, according to Pearson Ham Group’s latest pet insurance price index.

The top five priced policies for lifetime cover – the most sought-after form of pet insurance – increased by 0.7% in June, making prices 12% higher than this time 12 months ago.
Regional disparities are evident, with the North East seeing the largest monthly increase in June at 1.5% and the highest year-on-year increase at 18%. Northern Ireland is the only region to see a decrease in insurance pricing, with a -0.7% drop. The South West saw the lowest increase in the month at 0.2%.

Stephen Kennedy of Pearson Ham Group, said: “Price reductions in pet insurance premiums observed after the CMA announced an investigation into veterinary practices have been short lived. This shift may be due to increased veterinary costs and a rise in claims frequency, which have started to push prices up again. As these cost pressures continue to impact the market, pet insurance prices may well return to sustained upward pressure.”

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