Data from pricing consultancy Pearson Ham shows that van insurance premiums are down by 14% in the past year and are approximately 25% down from their peak in October 2024. However, Pearson Ham said pricing strategies employed by providers over the past 12 months varied significantly with the range of rate reductions over the year ranging from 7% to 34%.

In each of the last two months, Pearson Ham said one provider had bucked the market trend and actually increased its rates, highlighting the market variance in pricing.

Stephen Kennedy, director at Pearson Ham Group, said: “We are now well into a sustained softening phase in the van insurance cycle. A cumulative reduction of around 25% since October 2024 is not a marginal adjustment. It represents a fundamental repricing of the market.

“What is particularly striking is the level of divergence beneath the average. Some insurers have cut deeply, with year-on-year movements exceeding 30%, while others are retrenching or even nudging rates back up. That spread tells us this is no longer simply about following the market down; it is about strategic positioning and targeted growth.”