UK Travel Insurance market report
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Providing the most comprehensive and up-to-date information and analysis of the Travel Insurance market, and the behaviours, preferences and habits of the consumer.
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Covered in this report
Travel insurance covers a range of risks associated with travel, notably cancellation, curtailment, medical expenses, loss or theft of personal possessions, personal liability and legal expenses. Many policies come with optional extras such as baggage and winter sports cover.
There are three main types:
- A single-trip policy covers a single trip or holiday abroad, duration of between one and 31 days
- An annual multi-trip policy provides cover for multiple holidays taken during the course of the year for the price of one premium, although there may be a limit on the number of days spent per trip
- A long-term policy provides cover for those taking an extended trip abroad. Cover usually lasts for up to 18 months. This category includes insurance for backpackers and gap year students
Specialist policies are also available, such as those designed for customers over a particular age or with pre-existing medical conditions. The market can also be divided into three broad areas according to the way policies are written and distributed:
- The affinity/packaged sector, which refers to annual travel insurance schemes that are part of packaged current accounts or other financial products such as credit cards
- The traditional intermediary retail sector, which refers to single or annual travel policies sold via an intermediary in return for commission
- The direct retail sector, which refers to single or annual policies sold by insurers directly to consumers, usually online or by telephone
Expert analysis from a specialist in the field
Written by Sarah Hitchcock, a leading analyst in the Financial Services sector, her extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Travel insurance providers operate in a tough environment, with strong price competition, rising claims costs and uncertainty over Brexit dampening demand for overseas travel. Maintaining profit margins is a priority for many suppliers, but remains challenging.
Senior Financial Services Analyst
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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