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Personal Finance News Releases
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(MoneyNewsWire.Net, October 26, 2016 ) Report Summary
The UK travel insurance market declined by 12.3% to £625.4m in gross written premium (GWP) in 2015. This is a result of fewer policies being written, in addition to rates that have been prevented from hardening due to market competition. The number of policies written has been falling despite rises in the number of UK residents traveling abroad. The majority of UK travelers visit Europe, which has led to Britons relying on European Health Insurance Cards (EHICs) instead of purchasing travel insurance in the desire to save money.
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This trend has been driven by younger travelers as opposed to older generations, for whom travel insurance is a more important and better understood purchase due to their higher vulnerability and pre-existing medical conditions. The profitability of the market is struggling as competition is hindering rate increases, while claims costs for insurers are rising due to medical inflation despite the number of claims being in decline. Recent years have seen a shift towards annual policies over single-trip cover.
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This is a result of more frequent travel and the convenience of an annual policy; the rise of annual travel insurance distributed via added-value current accounts; and fewer individuals booking a holiday and consequently single-trip insurance through a tour operator or travel agent.
Travel abroad by UK residents has been increasing over recent years as a result of an improving economy following the financial crisis of 2007-08. However, following the UK's decision to leave the EU, it is forecast that pressure will be put on household disposable income. Furthermore, traveling abroad will become more expensive as a result of the weakened pound, which will impact travel trends and consequently the travel insurance market, until the economy begins to recover.
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Key Findings
- Total claims costs have risen annually by 6.8% to £364.5m in 2015.
- 27.6% of those with travel insurance had cover through their current account in 2015.
- UK residents made 65.7 million trips abroad in 2015, predominantly to Europe.
- The UK travel insurance market is forecast to be worth £628m in 2020.
Reason to Buy
- Benchmark yourself against the rest of the market. Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how travel trends and the UK travel insurance market will be impacted by socio-political and economic factors over the next few years.
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Priya Sisodia
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