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UK Travel Insurance: Market Dynamics and Opportunities

UK Travel Insurance: Market Dynamics and Opportunities

  • July 2015
  • 32 pages
  • ID: 3375706
In this report:
UK travel insurance market GWP was estimated by Verdict Financial based on PRA returns as published in the Standard & Poor's, © A.M. Best Europe - Information Services Ltd on the UK travel insurance market.
UK GDP is forecast to grow by ##.##% in 2015, according to the International Monetary Fund (IMF, 2015).

Summary

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Brief

The UK travel insurance market is very ambitious - unlike other lines where a select few providers have a wider customer base than others. This has resulted in a finely priced market in which rates are set to cover claims inflation. However, the extent of hardening will be limited by competition and the amount of choice available to consumers.

Abstract

- Gain an insight into the factors driving the travel insurance market and its dependence on the prosperity of the economy.

- A comparable study of single-trip and annual policies, and the channels affecting the distribution of these products.

- Discover how the socio-political situations in certain destinations are a cause for concern for insurers as well as holidaymakers.

- An analysis of the profit/loss ratios in the sector and what this means for insurers and consumers alike.

Great reasons to purchase

- Is the travel insurance market profitable for insurers?

- Why are banks and building societies popular for distributing annual policies?

- How is the British pound faring against the currencies of some of the world's best travel destinations?

- Why are older travelers now considered to be a target demographic, despite being a better risk to insurers?

Key Findings

Insurers are making small sums of money from the industry and it has remained this way for various years after its peak in 2010. The sector is interlinked with the economy and the levels of disposable income consumers have to spend on travel.

Travel insurance is often bought for a particular trip or to cover different planned trips. Consumers risk wasting an annual policy or letting it lapse if they do not have sufficient travel planned for the remainder of the policy term.

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