Lifetime pet policy premiums in May were down by 0.7% on the previous month and by 1.1% on an annual basis, according to data from the latest Pet Insurance Pricing Index from Pearson Ham Group. Dog insurance premiums fell by 0.8% in May while cat insurance premiums also fell by 0.4%.

Frances Luery, product manager at Pearson Ham Group, said: “After a run of consistent increases, May’s figures show a pause in that trend, with small reductions in both cat and dog insurance premiums. While it’s too early to say this marks a turning point, it may indicate that pricing is beginning to adjust after recent inflationary pressures.”

Luery said regional disparities remained and highlighted the fact that average premiums in the East Midlands were down by 0.4%, while those in London had dropped by 1%.