According to the latest Pet Insurance Price Index from Pearson Ham Group, the average price of pet insurance dipped by 0.2% in August, but were still 10% higher than a year ago. August saw cover for dogs fall by 0.3% while it went it by 0.3% for cats.

Frances Luery, product manager at Pearson Ham Group, said: “The slight decline in pet insurance premiums in August may offer some short-term relief to pet owners, but the overall trend remains upward when viewed over the past year.

“The record number of insured pets reflects a growing recognition of the need for financial protection against rising veterinary costs. With the CMA’s investigation potentially reshaping the veterinary market, we anticipate further developments that could impact pet insurance pricing. The regional and animal type disparities in pricing also highlight the need for insurers to remain adaptable to a dynamic market environment.”