UK Travel Insurance Market 2018 | Industry Analysis, Share, Development, Scope, Trends, Forecast

ResearchMoz presents professional and in-depth study of "UK Travel Insurance: Market Dynamics & Opportunities 2018". This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.

"UK Travel Insurance: Market Dynamics & Opportunities 2018", report provides 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, regulation, and opportunities. It provides a thorough overview of the market along with future forecasts.

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The UK travel insurance market experienced an increase of 0.9% in the number of policies being written in 2017, which resulted in GWP rising by a much more significant 7.9% to 614.3m due to average premiums rising. The number of UK residents going abroad without holding travel insurance increased again in 2017, mainly due to more trips to Europe being taken. Consumers either feel exposed to a lower level of risk in Europe or are overly reliant on their European Health Insurance Card. The cost of claims for travel insurers increased by 6.3% in 2017 to 510m, meaning it was outstripped by premium growth.

Scope

- Trips to Europe increased in 2017, at the expense of longer-haul flights (particularly to North America).
- Marginalized consumers are set to receive help accessing the market following a Financial Conduct Authority review.
- The UK travel insurance market is forecast to be worth 634.0m in 2023.

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 picked up in 2017 7
2.2.1. The number of policies was driven up by single trip growth 9
2.2.2. The trend of multi-trip policies increasing their share of market GWP has ended 10
2.2.3. Average travel insurance premiums increased 12
2.2.4. The influence of age on premium prices 13
2.2.5. Insurers must do more for cancer sufferers and other long-term conditions 15
2.3. Travel insurance and added-value accounts 16
2.3.1. Added-value accounts remain popular with travelers 16
2.3.2. The disadvantages of added-value account travel insurance policies 17
2.3.3. Travel insurance complaints remain high, despite a slight fall 17
2.4. Travel trends among UK residents 18
2.4.1. Travel abroad by UK residents continued to grow in 2017 18
2.4.2. Holidays remain the main purpose of traveling abroad 20
2.5. The influence of economic, socio-political, and health events on travel 21
2.5.1. The state of the UK economy has an impact on travel 21
2.5.2. The influence of exchange rates on trips abroad by UK residents 23
2.5.3. Social unrest in travel destinations 24
2.5.4. Air strikes and Monarchs collapse pose further problems for insurers 26
2.6. Travel insurance claims 26
2.6.1. The number of travel insurance claims continues to fall 26
2.6.2. Medical expenses outweigh cancelations in terms of claims costs 28
2.6.3. Changes in booking culture could reduce the cost of cancelations 30
2.6.4. The withdrawal of EHIC will provide a boost to insurers 30

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3. COMPETITOR DYNAMICS 32
3.1. AXA leads the way in the travel insurance space 32
3.1.1. Key affinity changes occurred in 2017 32
3.1.2. Challenger banks are entering the market 33
3.1.3. AXA is creating partnerships with third-party booking websites 35
3.1.4. Co-op Insurance kicks off cashless cover among mainstream insurers 35

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