— UK Travel Insurance: Market Dynamics & Opportunities 2017", 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.
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App in the Air
Direct Line Group
Direct Line Group
ACE European Group
In 2016, the UK travel insurance market experienced a decrease in the number of policies being written, which resulted in GWP dropping to £569.5m. Profitability within the market has remained low despite a slight increase in travel insurance premiums, as the number of UK residents visiting abroad without holding travel insurance also increased. The cost of claims for travel insurers increased further in 2016, despite the total number of claims falling. Medical expenses remain the largest cost to travel insurers, with the cost of cancellations also increasing.
- The travel insurance market may potentially benefit as a result of the UK leaving the EU.
- Marginalized consumers require more guidance in order to access the market.
- The UK travel insurance market is set to be worth £702m in 2021.
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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List of Tables
Table 1: UK travel insurance market GWP and annual growth rate, 2012-16 7
Table 2: HHI, 2012-15 9
Table 3: Share of UK travel insurance market GWP by policy type, 2012-16 10
Table 4: Number of travel insurance policies written, 2010-16 11
Table 5: Average premiums and percentage change by policy type, 2012 -16 13
Table 6: Average premium prices by demographic, 2014-16 15
Table 7: Number of overseas visits by purpose (000s), 2014-17 19
Table 8: Number of visits by UK residents to Zika-affected countries (000), 2012-16 24
Table 9: Historical exchange rates relative to £1, 2013-17 29
List of Figures
Figure 1: The UK travel insurance market declined further in 2016 8
Figure 2: Multi-trip policies continue to increase their share of GWP 10
Figure 3: The number of policies written declined in 2016 12
Figure 4: Average multi-trip policy premiums increased dramatically in 2016 13
Figure 5: Europe remains the most popular destination for UK travelers 18
Figure 6: Holidays remain the main reason for trips abroad 20
Figure 7: UK economic performance continued to improve in 2016 21
Figure 8: The value of the pound continues to fluctuate 22
Figure 9: Terrorist attacks have led to a decline in visits by UK residents to affected destinations 23
Figure 10: The threat of Zika has led to fewer visits to affected countries 25
Figure 11: The overall number of claims made continues to fall 26
Figure 12: Cancellation is the main reason for travel insurance claims 27
Figure 13: Total claims costs continue to rise, with medical claims leading the way 28
Figure 14: AXA continues to dominate the travel insurance space 31
Figure 15: GWP is set to grow steadily year on year 34
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