Travel Insurance - UK - February 2015
“If consumers are not asking for specialised policies or extra benefits, why not cut through the competing marketing messages by becoming the most convenient insurer? Convenience is a highly prized commodity in modern society and harnessing this could be a successful way of boosting policy sales.”
Rich Shepherd, Financial Services Research Analyst
This report coveres the following areas:
- The problem with price
- If one size fits all, how can insurers stand out?
- What will be the marketplace of tomorrow?
Travel insurance is seen as an essential product by many and buying a policy is an almost universal part of arranging a holiday. However, the market is hugely dependent on consumers’ holiday habits. The financial pressures on households in the aftermath of the economic crash changed people’s holiday habits. Some turned to ‘staycations’ as a cheaper alternative while others couldn’t afford to go away at all. The results have meant that travel insurers are struggling for growth.
In the last year, though, there have been signs of recovery. The market is expected to have remained largely flat in 2014, having fallen every year since 2009. Consumers have returned to taking overseas holidays and are starting to feel some of the benefits of the recovery in their wallets as a result of low inflation. The next stage of recovery for insurers is to find a way to increase premiums without damaging consumer demand in order to return the market to growth.
This report looks at the travel insurance market as a whole, considering both single-trip and annual multi-trip policies sold directly by insurers and as add-ons to other products such as packaged bank accounts. The report examines major issues in the market and how the current market environment can be seen in relation to wider social trends identified by Mintel. The report looks as innovation in travel insurance as well as examining the size of the market, including a five-year forecast, and discusses the biggest players in the market.
Mintel’s brand research examines consumers’ attitudes towards different travel insurance providers. Finally Mintel’s exclusive consumer research examines how people bought their last travel insurance policy and what type of policy they chose. Claims experiences are investigated, as well as the main factors affecting consumers’ choice of policy and their attitudes towards travel insurance in general.
Take a look inside a sample report
Mintel’s consumer reports deliver insight and expert analysis into key consumer trends and behaviour in your marketplace, in addition to an overview of the market data and key brands. Mintel’s consumer reports provide you with easily digestible information to guide your future innovation and move your business forward.Download now
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
Why buy from us?
Our reports will provide you with market data, consumer research and competitive intelligence to succeed in your market.
Buy now and you'll have instant access to the information you need to make the right decisions.
Find out what's next in the markets that matter to you: where opportunities lie and what challenges you will face.
A business Superbrand, Mintel is a source you can trust. We have been defining and refining the Market Intelligence mix since 1972.