UK Travel Insurance-Market Dynamics & Opportunities 2018 | ABI, AXA, App in the Air, Direct Line Group, Aviva, HSBC

UK Travel Insurance: Market Dynamics & Opportunities 2018

Summary

"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.

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.

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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.

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Companies Mentioned:

ABI
AXA
App in the Air
Direct Line Group
Aviva
HSBC
Direct Line Group
Ageas
LV=
AIG Europe
AmTrust
PassportCard
Co-operative
Fizzy
Blink
TransferTravel.com
Bought By Many

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
2.3. Travel insurance and added-value accounts 16
2.4. Travel trends among UK residents 18
2.5. The influence of economic, socio-political, and health events on travel 21
2.6. Travel insurance claims 26
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
4. THE MARKET GOING FORWARD 36
4.1. Market forecasts 36
4.1.1. Current market forecast: UK travel insurance will experience modest growth 36
4.1.2. Market forecast: smooth Brexit process 38
4.1.3. Market forecast: hard Brexit process 39
4.2. Uncertainty in the UK economy 40
4.2.1. How the UK economy copes with Brexit is key for the travel market 40
4.3. Technology will influence the travel insurance market 40
4.3.1. Wearable tech could play a role in prevention 40
4.3.2. Virtual GP services could become commonplace 41
4.3.3. The development of flight delay policies 41
4.3.4. PassportCard claims to have created the world's first real-time travel insurance 44
4.3.5. The concept of a travel insurance marketplace has emerged 44
5. APPENDIX 46
5.1. Abbreviations and acronyms 46
5.2. Bibliography 46
5.3. Further reading 46

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