Pearson Ham Group has recorded a drop in pet insurance premiums in its Q1 2024 Quarterly Pet Insurance Price Index, which it linked to the investigation into the veterinary sector by the Competition and Markets Authority. While price falls were not uniform in all areas of cover, Pearson Ham said the drop in lifetime cover premiums represented a significant change in trends.

Frances Luery, product manager at Pearson Ham Group, said: “A monthly decrease of -2.5% in March reversed modest increases in the previous two months. The decrease brings to an end the trend of consistent premium increases we have seen to reach almost 20% higher compared to last year.”

She added: “With the Competition and Markets Authority investigation into the veterinary sector, it’s no coincidence that we see premiums fall back in March. We will hear more from the CMA in response to their recently closed consultation, but we should expect this trend to continue further into the year across all cover levels.”