The number of pet insurance products has more than doubled since August 2023, according to a report published by Consumer Intelligence. It said the increase was creating confusion and complexity for consumers due to the proliferation of excess structures, co-payments and veterinary fee limits.

The report, Closing the Value Gap: Pricing, Behaviour and the Future of UK Pet Insurance, says the market has become less transparent for consumers and has created a complex product landscape that prioritises price visibility over comprehension.

It said the added complexity was making it difficult for pet owners to understand their insurance and that in many instances gaps in cover were only discovered at the point of making a claim.

Ian Hughes, CEO of Consumer Intelligence, said: “Competition has done exactly what it was supposed to do, it has created more choice. The problem is that the market hasn’t stopped to ask whether customers can still understand what they’re buying.”

He added: “Choice only works when it helps customers make better decisions. When it becomes noise, the market stops working properly.”