Lifetime pet insurance premiums fell by 4% in November according to the latest Pet Insurance Pricing Index from Pearson Ham Group. This was the biggest monthly fall since 2022 and countered the steady rises recorded during the year. Prices are now 2% lower than at the same time last year.

Frances Luery, product manager at Pearson Ham Group, said: “The November data marks a notable turning point in the pet insurance market, with lifetime cover experiencing its largest price reduction in nearly two years.

“Much of this drop has been driven by significant reductions from two of the largest providers, who together account for a substantial proportion of top-five quotes on price comparison websites. Their competitive moves have had a ripple effect, lowering market prices and intensifying competition.

“Additionally, one major provider introduced new excess options at the end of October, a change in their product offering that has contributed to the decrease in average premiums. This shift not only reflects growing competition but also highlights the evolving nature of product design within the market.”