Introduce stronger regulation of pet insurance renewal pricing

Background

Require the Financial Conduct Authority to introduce rules requiring pet insurers to clearly justify significant premium increases at renewal and show that they are fair and proportionate.

Additional details

Many pet owners stay with the same insurer to maintain continuous cover for their pets. However, once a pet develops a medical condition, switching insurers is often not possible because new policies exclude pre-existing conditions. This leaves owners with little choice but to accept substantial premium increases or risk losing cover for ongoing conditions. Stronger regulation would improve transparency and fairness for consumers who are effectively tied to one provider.