UK Travel Insurance Market 2017 to 2024 – Size, Share, Analysis, Trends and Forecast By Acute Market Reports

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In 2016, the UK travel insurance market experienced a decrease of 18% in the number of policies being written, which resulted in GWP dropping 9%. Profitability within the market has remained low despite a slight increase in travel insurance premiums, as the number of UK residents visiting abroad without travel insurance increases. With the overwhelming majority of visits abroad by UK residents being to Europe and the number of visits to this region increasing in 2016, the downturn in policy uptake by UK travelers could be explained by reliance upon the European Health Insurance Card (EHIC) system.

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Cost of claims for travel insurers increased in 2016 to £368.5m, despite the total number of claims falling almost 3% according to Association of British Insurers (ABI) data. Medical expenses remain the largest cost to travel insurers, with the cost of cancellations also increasing by 2%. The increased costs are partly due to the continued volatility in the value of the pound in the foreign exchange markets, combined with inflation in the cost of medical treatments.

Critical success factors include in this report –

The travel insurance industry must ensure accurate pricing of premiums in the future years. With profitability limited, the providers must be certain policies are accurately priced and account for the volatility of currencies – an issue that has increased in significance since the UK’s vote to leave the EU – in order to remain profitable.
The application of new technologies will allow for significant developments within the travel insurance market. Continued developments are set to allow for the cost of medical expense-related claims to decrease. Technological advances will enable preemptive medical treatment to occur before a traveler becomes seriously ill, reducing the costs associated with medical claims for insurers.

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Scope

  • 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.

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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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

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