Pearson Ham Group’s Pet Insurance Price Index has reported that lifetime cover for the top 5 priced pet policies fell by 1% in May. On an annual basis, it means that although premiums are still 11% higher than last year, the year-on-year rate of increase is down from the peak of 21% reached in February.

Stephen Kennedy, director of Pearson Ham Group, said: “Pet insurers continue to address turbulence in light of rising vet and claims costs, as well as vet ownership consolidation and the recent announcement of the CMA investigation into the market.

“While it is challenging to determine the precise impact at this stage, it is likely that pet owners will continue to benefit from reducing prices.”