According to the latest Pet Insurance Price Index from Pearson Ham Group, pet insurance premiums for lifetime cover rose by 1.4% in Q2, making them 12% higher than the same time last year. The rise followed a dip in Q1, which some market commentators attributed to the Competition and Markets Authority’s investigation into the market.

Frances Luery, product manager at Pearson Ham Group, said: "The increase highlights the ongoing pressures within the pet insurance market. It may be that prices have now stabilised but much depends on the CMA’s future actions and how they decide to proceed to address any lack of competition within the market.

“If any action that the CMA takes reduces the costs seen in the veterinary market, we would expect pet insurance pricing to decrease accordingly.”