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UK Travel Insurance: Market Dynamics & Opportunities 2019

UK Travel Insurance: Market Dynamics & Opportunities 2019

  • July 2019
  • 47 pages
  • ID: 4090591
  • Format: PDF
  • GlobalData

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UK Travel Insurance: Market Dynamics & Opportunities 2019

Summary
This 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.

In 2018, UK travel insurance gross written premiums (GWP) contracted significantly, driven by a reduction in the number of policies written and a decrease in the average premium.In particular, the single-trip policy market contracted heavily.

A drop in the number of trips abroad for this first time since 2012 was partly to blame for reduced policy numbers, combined with greater numbers of people traveling without insurance.Meanwhile the cost of claims increased, driven by rising medical claims costs.

The number of complaints registered by the Financial Ombudsman Service also increased in 2018. The culmination of all these factors resulted in a poor year for the industry.

Scope
- UK travel insurance GWP contracted by 10.8% to £548.2m in 2018.
- Travel insurance claims costs increased by 4.4%, driven by a 6.9% increase in medical costs.
- MAPFRE was the largest personal travel insurance underwriter by GWP in 2018, with a 14.8% share of the market. AXA underwrote the largest number of policies.
- The UK travel insurance market is forecast to be worth £615.2m in 2024.

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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