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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What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
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The travel insurance industry is driven by intense price competition, as many consumers draw on price comparison websites in order to find the best deal. At the same time, travel insurers are facing increased cost pressures, making it difficult to keep premiums down and maintain comprehensive levels of cover. Insurers can add value by educating consumers as to the benefits of finding balance between the amount of cover required and the price.
Products 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. There are numerous policies available to UK residents, all of which fall into two main product categories:
- A single-trip policy covers a single trip or holiday abroad, usually for the duration of between one and 31 days.
- An annual multi-trip policy provides a customer with 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 significant proportion of annual policies are sold as part of packaged current accounts.
The market can also be divided into three broad areas according to the way policies are written and distributed:
- the packaged scheme 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 (this includes travel agents and operators, as well as retailers and brokers)
- the direct retail sector, which refers to single or annual policies sold by insurers directly to consumers, usually online or by telephone.
Travel insurance can cover worldwide travel or be limited to a specific geographic area (eg Europe). It is often, but not always, sold alongside a holiday.
Specialist policies are also available, such as gap-year insurance, policies for customers over a particular age, and policies for customers with pre-existing medical conditions. There are many types of cover available, with many policies offering optional extras such as winter sports cover.
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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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