Market Research Report
UK Travel Insurance: Market Dynamics & Opportunities 2017
|Published by||GlobalData||Product code||367545|
|Published||Content info||42 Pages
|UK Travel Insurance: Market Dynamics & Opportunities 2017|
|Published: October 12, 2017||Content info: 42 Pages||
In 2016, the UK travel insurance market experienced a decrease of 18% in the number of policies being written, which resulted in GWP dropping 9%. Profitability within the market has remained low despite a slight increase in travel insurance premiums, as the number of UK residents visiting abroad without travel insurance increases. With the overwhelming majority of visits abroad by UK residents being to Europe and the number of visits to this region increasing in 2016, the downturn in policy uptake by UK travelers could be explained by reliance upon the European Health Insurance Card (EHIC) system.
Cost of claims for travel insurers increased in 2016 to £368.5m, despite the total number of claims falling almost 3% according to Association of British Insurers (ABI) data. Medical expenses remain the largest cost to travel insurers, with the cost of cancellations also increasing by 2%. The increased costs are partly due to the continued volatility in the value of the pound in the foreign exchange markets, combined with inflation in the cost of medical treatments.
Critical success factors include in this report -
The report "UK Travel Insurance: Market Dynamics & Opportunities 2017" provide 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.
Companies mentioned in this report: ABI, AXA, Chubb, App in the Air, Direct Line Group, Aviva, HSBC, Direct Line Group, ACE European Group, Ageas, Bupa Insurance, LV=, AIG Europe, AmTrust