The November 2024 Pet Insurance Pricing Index from Pearson Ham Group shows a significant change in the market, with lifetime cover premiums declining by over 4% during the month.
This represents the largest monthly drop since December 2022, reversing the steady increases that characterised much of the past year.
Lifetime cover premiums are now 2% lower compared to the same period last year. The data indicates a changing pricing landscape for pet insurance, with shifts influenced by regional and provider-specific trends.
In November, the most substantial regional decreases were reported in London (-5.2%), the South East (-5.1%), and the North East (-4.8%). Scotland was the only region to experience an annual increase, with premiums rising by 1% over the past 12 months.
Differences by pet type also emerged. Lifetime cover premiums for cats rose by 1% over the year, while those for dogs fell by 4%, marking a more significant benefit for dog owners in terms of cost reductions.
Frances Luery (pictured above) of Pearson Ham Group noted that the November figures represent a key moment for the market, driven by actions from major providers.
“Much of this drop has been driven by significant reductions from two of the largest providers, who together account for a substantial proportion of top-five quotes on price comparison websites. Their competitive moves have had a ripple effect, lowering market prices and intensifying competition,” Luery said.
Additionally, Luery highlighted the impact of new excess options introduced by a major provider in late October. These changes, reflecting product design adjustments, have contributed to the average price decline.
“Regional and pet-specific variations remain, with dog owners seeing more pronounced than cat owners and sharp premium reductions observed in regions like London and the South East,” Luery said. “As we move into 2025, it will be crucial to monitor whether these pricing adjustments represent a temporary shift or the beginning of a longer-term trend in the pet insurance market.”
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