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(MoneyNewsWire.Net, December 07, 2017 ) "UK Travel Insurance: Market Dynamics & Opportunities 2017", provides an in-depth analysis of the UK travel insurance market. It looks at market size and profitability as well as changes in premiums, claims, travel trends, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts.
In 2016, the UK travel insurance market experienced a decrease in the number of policies being written, which resulted in GWP dropping to £569.5m. Profitability within the market has remained low despite a slight increase in travel insurance premiums, as the number of UK residents visiting abroad without holding travel insurance also increased. The cost of claims for travel insurers increased further in 2016, despite the total number of claims falling. Medical expenses remain the largest cost to travel insurers, with the cost of cancellations also increasing.
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- The travel insurance market may potentially benefit as a result of the UK leaving the EU.
- Marginalized consumers require more guidance in order to access the market.
- The UK travel insurance market is set to be worth £702m in 2021.
App in the Air
Direct Line Group
Direct Line Group
ACE European Group
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Reasons 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.
Table of Contents:
1. EXECUTIVE SUMMARY 2
1.1. Market summary 2
1.2. Key findings 2
1.3. Critical success factors 2
2. MARKET DYNAMICS 7
2.1. Introduction 7
2.2. UK travel insurance market GWP declines further 7
2.2.1. Multi-trip policies continue to increase their share of market GWP 9
2.2.2. The number of policies written in 2016 declined 11
2.2.3. Average travel insurance premiums increased 12
2.2.4. The influence of age on premium prices 14
2.3. Travel insurance and added-value accounts 15
2.3.1. Added-value accounts remain popular with travelers 15
2.3.2. The disadvantages of added-value account travel insurance policies 16
2.3.3. Travel insurance complaints are on the rise 17
2.4. Travel trends among UK residents 17
2.4.1. Travel abroad by UK residents continued to increase in 2016 17
2.4.2. Holidays remain the main purpose of traveling abroad 19
2.5. The influence of economic, socio-political, and health events on travel 20
2.5.1. The state of the UK economy has an impact on travel 20
2.5.2. The influence of exchange rates on trips abroad by UK residents 21
2.5.3. Social unrest in travel destinations 22
2.5.4. Increased prevalence of the Zika virus 24
2.6. Travel insurance claims 25
2.6.1. The number of travel insurance claims continues to fall 25
2.6.2. Medical expenses continue to drive up total claims costs 27
2.6.3. Changes in booking culture could reduce the cost of cancellations 29
3. COMPETITOR DYNAMICS 30
3.1. AXA leads the way in the travel insurance space 30
3.1.1. AXA accounts for almost a fifth of the market 31
3.1.2. Direct Line Group is not far behind AXA 32
3.1.3. Aviva extends HSBC agreement 32
4. THE MARKET GOING FORWARD 33
4.1. Market forecasts 33
4.1.1. Current market forecast: UK travel insurance will experience modest growth 33
4.1.2. Market forecast: smooth Brexit process 35
4.1.3. Market forecast: hard Brexit process 35
4.2. Uncertainty in the UK economy 36
4.2.1. How the UK economy copes with Brexit is key for the travel market 36
4.3. Technology will influence the travel insurance market 37
4.3.1. Wearable tech could play a role in prevention 37
4.3.2. Virtual GP services could become commonplace 37
4.3.3. The development of flight delay policies 37
4.4. The FCA calls for input from the insurance industry 38
5. APPENDIX 40
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