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UK Travel Insurance: Market Dynamics and Opportunities 2024

Publisher GlobalData
Published Oct 31, 2024
Length 40 Pages
SKU # GBDT19389014

Description

UK Travel Insurance: Market Dynamics and Opportunities 2024



Summary

This report analyzes the UK travel insurance market, including drivers of uptake, the claims landscape, and upcoming regulatory changes. Incumbent competitors are analyzed and compared while key factors impacting the market are also discussed, including inflation and emerging technology such as artificial intelligence and parametric insurance.

The UK travel insurance market experienced growth of 59.5% in 2023 and is expected to grow by 8.3% in 2024, reaching gross written premiums (GWP) of GBP1.1 billion. Growth has largely been driven by an increase in the number of policyholders, as more consumers resumed traveling after pandemic-related restrictions eased. The expansion was primarily attributed to higher travel volumes, rather than a significant rise in insurance premiums. As international and domestic travel picked up, more individuals sought coverage, leading to a surge in policy uptake across the market. Moreover, in 2023, single-trip travel insurance overtook multi-trip policies-a shift that may be attributed to squeezed consumer budgets and ongoing uncertainties in the travel landscape. As households face financial pressures, consumers are opting for single-trip coverage to avoid the upfront costs of annual multi-trip policies. Additionally, uncertainty around travel plans, influenced by economic conditions and potential disruptions, has led many to choose single-trip policies for greater flexibility and lower short-term financial commitments.

Scope
  • In 2023, single-trip policies overtook multi-trip to become the most popular type of travel insurance policy.
  • Average premiums fell by 12% to GBP56.18 in 2023.
  • The number of claims notified increased by 58.4% in 2023.
  • The cost of claims increased by 45% in 2023, while the average value of claims fell by 8.5%.
Reasons to Buy
  • Examine the size of the UK travel insurance market
  • Identify who the key players are and what they offer
  • Discover GlobalData’s forecasts for the future of the UK travel insurance market
  • Discover the impact of the cost-of-living crisis on travel insurance

Table of Contents

40 Pages
    • Market overview
    • Key findings
    • Critical success factors
    • The UK travel insurance market is set to keep growing in 2024
    • Economic conditions have led to consumers increasingly opting for single-trip travel insurance policies
    • Single-trip policies now account for the majority of the market
    • The average single-trip premium is decreasing while multitrip average premiums have risen
    • Older age groups are facing increasing average premiums
    • The number of claims notified increased by 58.4% in 2023
    • The cost of claims increased by 45% in 2023
    • The average value of claims fell by 8.5% in 2023
    • Travel insurance complaints are on the rise
    • The number of visits abroad continued to rise in 2023
    • Influence of economic, political, and health events on travel
    • Exchange rates play a crucial role in travel insurance
    • Consumers are less likely to purchase travel insurance for domestic holidays
    • The UK's GHIC can create opportunities for insurers
    • Great Lakes remains the largest underwriter in the market by premiums
    • Great Lakes also underwrote the largest number of policies in 2023
    • Direct Line turns to PCWs, a popular distribution channel for travel insurance customers
    • NSM purchases AllClear and InsureandGo
    • Qover partners with Monzo for embedded travel insurance
    • Blink Parametric's products can be accessed through an app for the first time
    • The travel insurance market is set to increase to GBP1.2 billion in 2028
    • Technological opportunities in the market
    • Consumers are less likely to purchase parametric travel insurance
    • Abbreviations, acronyms, and initialisms
    • Methodology
    • Secondary sources
    • Further reading

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