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Travel Insurance Market Report 2014

  • July 2014
  • -
  • Key Note Publications Ltd

Executive Summary

This Key Note Market Report provides an overview of the market for travel insurance in the UK. Travel insurance is a voluntary type of general insurance sold to individuals or groups of individuals to insure against unexpected events that can occur while they are overseas. Generally, this involves claims for medical expenses, delayed departures and lost or stolen property. However, different travel insurers and different policies vary on the type of cover they provide. Profiles of a selection of some of the UK’s largest insurers active in the provision of travel insurance are provided in this report.

Table Of Contents

Travel Insurance Market Report 2014
Travel Insurance 2014
Foreword
Executive Summary
Market Definition
REPORT COVERAGE AND DEFINITIONS
Association of British Insurers
MARKET TRENDS
Overseas Trips by UK Residents
Number of Overseas Holidays and Short Breaks
Changing Holiday Purchasing Patterns
The General Insurance Sector
ECONOMIC TRENDS
An Ageing Population
MARKET POSITION
The UK
Overseas
Market Size
THE TOTAL MARKET
By Value (Gross Written Premiums)
By Volume
CLAIMS INCURRED
Cost of Claims
By Volume
OVERSEAS TRADE
General Overview
Industry Background
RECENT HISTORY
NUMBER OF COMPANIES
EMPLOYMENT
REGIONAL VARIATIONS IN THE MARKETPLACE
DISTRIBUTION
HOW ROBUST IS THE MARKET?
LEGISLATION
Regulation (EC) No/2004 - Denied Boarding Regulations
The Financial Services (Distance Marketing) Regulations
The Equality Act
The Consumer Insurance (Disclosure and Representations) Act
Solvency II
KEY TRADE ASSOCIATIONS
Association of British Insurers
Association of Travel Insurance Intermediaries
British Insurance Brokers' Association
The Institute and Faculty of Actuaries
The International Underwriting Association
London and International Insurance Brokers' Association
Competitor Analysis
THE MARKETPLACE
MARKET LEADERS
Ageas Insurance Ltd
AIG Europe Ltd
Aviva PLC
AXA Insurance UK PLC
The British United Provident Association Ltd
Cigna Insurance Services (Europe) Ltd
Direct Line Insurance Group PLC
Liverpool Victoria Insurance Company Ltd
Mondial Assistance (UK) Ltd
The National Farmers Union Mutual Insurance Society Ltd
RSA Insurance Group PLC
Saga Services Ltd
OUTSIDE SUPPLIERS
CompareTheMarket.com
Confused.com
GoCompare.com Ltd
MoneySupermarket.com Group PLC
MAIN MEDIA ADVERTISING EXPENDITURE
Travel Insurance
Price Comparison Websites
Strengths, Weaknesses, Opportunities and Threats
STRENGTHS
WEAKNESSES
OPPORTUNITIES
THREATS
Buying Behaviour
CONSUMER PENETRATION
Type of Cover
Purchasing Patterns
HOUSEHOLD EXPENDITURE
CONSUMER DYNAMICS
General Insurance Products
Attitudes Towards Price of General Insurance
Awareness of Rights and Attitudes Regarding Insurance Contracts
Travel Insurance
HOLIDAYS AND SHORT BREAKS
Frequency of Holidays and Short Breaks Abroad
Types of Holidays and Short Breaks
Current Issues
OLDER TRAVELLERS
SEVERE WEATHER EVENTS AND TRAVEL DISRUPTION
GLOBAL POLITICAL AND SOCIAL UNREST
CHANGES TO REGULATIONS SURROUNDING ADDED-VALUE CURRENT ACCOUNTS
FOREIGN AND COMMONWEALTH OFFICE WARNS AGAINST 'BALCONING'
EHIC CARD
THE BUDGET: AIR PASSENGER DUTY
ANNUAL MULTI-TRIP POLICIES BECOME MUCH MORE COMMON
The Global Market
WORLD TOURISM
International Tourist Arrivals
Outbound Tourism
THE GLOBAL INSURANCE MARKET
The World's Largest Non-Life Insurance Markets
BRIEF OVERVIEW OF GLOBAL ECONOMIC CONDITIONS
THE STATE OF THE NON-LIFE INSURANCE MARKET
North America
Western Europe
Advanced Asian Economies
Oceania
Emerging Markets
CLAIMS FROM MAJOR GLOBAL CATASTROPHES IN
Forecasts
ECONOMIC FORECASTS
FORECASTS TO
MARKET GROWTH
FUTURE TRENDS
Annual Multi-Trip Policies Continue to Dominate
Added-Value Current Accounts: The Next Mis-Selling Scandal?
The Population Continues to Age
Outbound Travel
Travel to Non-Traditional Locations to Continue to Rise
Company Profiles
INTRODUCTION
DEFINITIONS
Turnover (Sales)
Pre-Tax Profit
Profit Margin
Average Remuneration
Sales per Employee
FURTHER INFORMATION
AGEAS INSURANCE LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
AIG EUROPE LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
AVIVA PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
AXA INSURANCE UK PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
BRITISH UNITED PROVIDENT ASSOCIATION LTD (THE)
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
CIGNA INSURANCE SERVICES (EUROPE) LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
DIRECT LINE INSURANCE GROUP PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
LIVERPOOL VICTORIA INSURANCE COMPANY LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
MONDIAL ASSISTANCE (UK) LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
NATIONAL FARMERS UNION MUTUAL INSURANCE SOCIETY LTD (THE)
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
RSA INSURANCE GROUP PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
SAGA SERVICES LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios
Further Sources
Associations
Publications
General Sources
Government Publications
Other Sources
Understanding Consumer Survey Data
Number, Profile, Penetration
Social Grade
Standard Region
Key Note Research
The Key Note Range of Reports

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