Pet insurance coverage premiums are actually greater than 20% larger in comparison with final 12 months following slight worth rises in February 2024, in line with new figures printed by Pearson Ham.
The pricing specialist’s insurance coverage pricing index, which was printed yesterday (14 March 2024), confirmed that lifetime cat insurance coverage noticed a 2% enhance throughout the month, whereas canine cowl recorded a smaller 0.1% enhance.
It meant, nevertheless, that common pet insurance coverage costs have now risen by 21% since February 2023.
The bulk of the surge got here throughout the final six months of 2023, with prices growing by 12% between July and December.
This was pushed by a “substantial spike” between August and September, Pearson Ham claimed.
CMA
The findings got here after the Competition Markets Authority (CMA) launched a assessment and issued a name for data into business practices within the act of veterinary companies for family pets within the UK in September 2023.
At the time, the CMA mentioned it needed to listen to extra from pet homeowners and vet practitioners’ expertise of pricing companies.
This included whether or not pet homeowners had been conscious of how a lot a remedy would cost and if they’d pay for it themselves or by means of insurance coverage.
Stephen Kennedy, who’s a director at Pearson Ham, mentioned: “The CMA has launched a session to hunt views from the sector on the proposal to launch a market investigation into the vet market, however the instant influence on insurance coverage pricing stays unsure.
“While our information reveals a slight 0.5% enhance in lifetime cowl costs for February, the broader year-on-year motion is elevating appreciable concern, as outlined by the CMA.
“Nevertheless, it is essential to recognise the multitude of factors at play in determining pet insurance pricing.”
