The latest Pet Insurance Pricing Index from Pearson Ham Group has found that lifetime policies – the most popular type of pet cover in the UK – are now 1% higher than in March last year. Pearson Ham said there had been a consistent month-on-month increase since November and that the previous falls in the market had now been reversed.

There was a discrepancy between cover for cats and dogs. Cat premiums dipped by 0.1% in March, but are still 3% higher than the same time last year. Premiums rose 0.8% for dog owners in March and are now 1% higher than last year.

Frances Luery, product manager at Pearson Ham Group, said: “This month’s figures highlight the nuanced nature of pet insurance pricing. We’re seeing overall upward pressure on premiums, but it’s not uniform.

“The fall in cat premiums this month might look like a relief for owners, but it contrasts with the steeper annual increase. And dog premiums are climbing steadily, albeit more modestly than some might expect given broader cost trends.”