"UK Travel Insurance: Market Dynamics & Opportunities 2018", report provides 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, regulation, and opportunities. It provides a thorough overview of the market along with future forecasts.
The UK travel insurance market experienced an increase of 0.9% in the number of policies being written in 2017, which resulted in GWP rising by a much more significant 7.9% to £614.3m due to average premiums rising. The number of UK residents going abroad without holding travel insurance increased again in 2017, mainly due to more trips to Europe being taken. Consumers either feel exposed to a lower level of risk in Europe or are overly reliant on their European Health Insurance Card. The cost of claims for travel insurers increased by 6.3% in 2017 to £510m, meaning it was outstripped by premium growth.
Trips to Europe increased in 2017, at the expense of longer-haul flights (particularly to North America).
Marginalized consumers are set to receive help accessing the market following a Financial Conduct Authority review.
The UK travel insurance market is forecast to be worth £634.0m in 2023.
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.