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.
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. 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.
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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.
Synopsis
Verdict
Financial's UK Travel Insurance: Market Dynamics and Opportunities 2016 report
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.
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.
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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of This Report @ http://www.radiantinsights.com/research/uk-travel-insurance-market-dynamics-and-opportunities-2016/request-sample
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