United Kingdom (UK) Travel Insurance Market Dynamics, Trends and Opportunities

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United Kingdom (UK) Travel Insurance Market Report Overview

The UK travel insurance market witnessed a substantial increase in GWP reaching GBP 630.4 million in 2022. While the increase in GWP was substantial, it occurred in the context of a decrease in the number of policyholders. This suggests that growth in GWP is not due to increased demand but rather a result of higher premiums being charged. The market is expected to achieve a CAGR of more than 2% during 2022-2027.

UK Travel Insurance Market Outlook, 2022-2027 (GBP Million)

UK Travel Insurance Market Outlook, 2022-2027 (GBP Million)

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The United Kingdom (UK) Travel Insurance Market Research Report examines the changes in the travel insurance market. The report explores who the key players are and what they offer. It also provides forecasts for the future of the UK travel insurance market and how COVID-19 has affected travel insurance.

Market Size (2022) GBP630.4 Million
CAGR (2022-2027) >2%
Insurance Claim Types ·        Cancellations

·        Medical

·        Baggage & Money

·        Others

Purpose of Travel ·        Holiday

·        Visiting Friends

·        Business

·        Miscellaneous

Leading Underwriter ·        Great Lakes Munich Re Group

·        Admiral

·        Mapfre Assistance

·        Aviva

·        Zurich

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UK Travel Insurance Market Dynamics

Capitalizing on digital trends is one of the latest strategies followed in the market. The COVID-19 pandemic and its aftermath have driven digitalization along with widespread risk awareness, creating avenues for travel insurers to enhance productivity and customer service. As per GlobalData’s 2022 UK Insurance Consumer Survey, most individuals utilized digital methods for travel insurance arrangements. Additionally, App Radar found that Android insurance app downloads surged significantly in 2022, highlighting the popularity of travel insurance apps such as Holiday Extras, Post Office Travel, and TravelMate. This trend signifies a significant shift towards digitalization and convenience in the insurance sector. Travel insurers can leverage this by engaging customers more dynamically and personally, including using app data insights to tailor offerings, refine coverage, and create targeted marketing strategies.

UK Travel Insurance Market Segmentation by Claim Types

Cancellations accounted for a majority of travel insurance claims in 2022.

Cancellations, medical, baggage & money among others are the primary types of travel insurance claims. The increase in the number of claims throughout 2022 may be attributed to an increase in the number of trips abroad by UK citizens following the impact of the COVID-19 pandemic in 2020 and 2021. According to the ONS, the number of visits abroad increased significantly in 2022. As confidence in travel grew and more individuals traveled abroad, more consumers exposed themselves to various risks, which inevitably led to a higher frequency of claims. While the number of travel insurance claims increased in 2022, the figures are still lower than pre-pandemic levels.

UK Travel Insurance Market Analysis by Claim Types, 2022 (%)

UK Travel Insurance Market Analysis by Claim Types, 2022 (%)

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UK Travel Insurance Market Segmentation by Purpose of Travel

Holiday travel was the main reason for traveling abroad in 2022.

The key purposes of travel are holidays, visiting friends or relatives, business, and miscellaneous. The proportion of trips accounted for by holidays has increased following the initial impact of the COVID-19 pandemic. The number of trips abroad by UK citizens increased in 2022 as per ONS data. With the end of COVID-19 lockdowns, people were eager to resume their travel plans and make up for lost time.

However, while the surge in holiday travel is encouraging, it is essential to consider the potential impact of the ongoing cost-of-living crisis on this number going forward. As the cost of living rises, households may face further financial constraints, impacting their discretionary spending on leisure activities such as vacations abroad.

UK Travel Insurance Market Analysis by Purpose of Travel, 2022 (%)

UK Travel Insurance Market Analysis by Purpose of Travel, 2022 (%)

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UK Travel Insurance Market - Competitive Landscape

In 2022, Great Lakes Munich Re Group further cemented its position as the dominant player in UK travel insurance.

Some of the leading underwriters in the UK travel insurance market are:

  • Great Lakes Munich Re Group
  • Admiral
  • Mapfre Assistance
  • Aviva
  • Zurich

UK Travel Insurance Market Analysis by Underwriter, 2021 (%)

UK Travel Insurance Market Analysis by Underwriter, 2021 (%)

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Segments Covered in the Report

UK Travel Insurance Market Claim Types Outlook (Value, GBP Million, 2018-2027)

  • Cancellations
  • Medical
  • Baggage & Money
  • Others

UK Travel Insurance Market Purpose of Travel Outlook (Value, GBP Million, 2018-2027)

  • Holiday
  • Visiting Friends
  • Business
  • Miscellaneous

Key Highlights

The pandemic has driven an increase in staycations, which looks set to continue as a result of the cost-of-living crisis. While individuals can now travel abroad, doing so is not always straightforward. This means insurers will need to reach out to people traveling within the UK and demonstrate that travel insurance can still be worthwhile.

Reasons to Buy

  • Examine the size of the UK travel insurance market.
  • Identify who the key players are and what they offer.
  • Discover GlobalData’s forecasts for the future of the UK travel insurance market
  • Learn how COVID-19 has affected travel insurance
  • Discover the impact of the cost-of-living crisis on travel insurance

The Guardian
FCA
STR
Financial Ombudsman Service
EasyJet
TUI
Telegraph
Sensible Weather
Munich Re
Staysure
esure
Avanti
Holiday Extras
Sainsbury’s
PayingTooMuch.com
Admiral
Mapfre Assistance
U K Insurance
AXA
Aviva
Zurich
Virgin
Insureandgo
HSBC
M&S
AllClear
Multitrip.com
Nationwide
Direct Line
Inter Partner Assistance
Tesco
First Direct
AA
Coverwise
Southdown
Natwest
Churchill
Airbnb
CompareTheMarket
MoneySuperMarket
Generali
Sompo
People’s Insurance Company
Qover
Monzo
App Radar
Hastings
CedarTree
Dayinsure
Blink Parametric
Getcover.com

Table of Contents

  • 1. Executive Summary
  • 1.1 Market Overview
  • 1.2 Key findings
  • 1.3 Critical success factors
  • 2. Market Dynamics
  • 3. The Structure of the UK Travel Insurance Market
  • 4. The Market Going Forward
  • 5. Appendix
  • 5.1 Abbreviations, acronyms, and initialisms
  • 5.2 Methodology
  • 5.3 Secondary sources
  • 5.4 Further reading
  • 6. About GlobalData
  • 7. Contact Us

Table

Table 1: UK travel insurance market GWP and annual growth rate, 2018–22

Table 2: UK travel insurance policies written and annual growth rate, 2018–22

Table 3: Average premiums and percentage change by policy type, 2018–22

Table 4: Average premiums and percentage change by age group, 2020–22

Table 5: Number of visits abroad by region (000s), 2018–22

Table 6: Admiral’s annual travel insurance coverage, 2022

Table 7: Staysure’s annual travel insurance coverage, 2022

Table 8: Nationwide annual travel insurance coverage, 2022

Figures

Figure 1: GWP in the UK travel insurance market increased above pre-pandemic levels in 2022

Figure 2: Despite strong GWP growth, the number of policies written continued to fall in 2022

Figure 3: 2022 saw a notable shift away from multi-trip policies

Figure 4: The average multi-trip policy premium increased by over 100% in 2022

Figure 5: The number of claims notified soared by 147.9% in 2022

Figure 6: With the impact of COVID-19 waning, cancellations accounted for a smaller proportion of claims in 2022

Figure 7: The cost of claims soared in 2022 amid the cost-of-living crisis

Figure 8: The average value of claims reached record highs in 2022

Figure 9: The number of complaints plummeted in 2021–22

Figure 10: Outbound tourism increased in 2022 for all regions

Figure 11: The end of the COVID-19 pandemic saw holidays once again become the dominant reason for travel

Figure 12: In Q1 2023, unemployment reached its highest level since Q4 2021

Figure 13: Inflation peaked in 2022

Figure 14: Real weekly earnings turned negative in 2022 as inflation skyrocketed

Figure 15: The pound has started to recover against the US dollar in 2023

Figure 16: Consumers are less likely to purchase travel insurance for domestic trips

Figure 17: Great Lakes Munich Re Group is the dominant underwriter by travel insurance premiums

Figure 18: Great Lakes Munich Re Group underwrote the largest share of contracts sold in 2022

Figure 19: Airbnb offers embedded travel insurance

Figure 20: Travel insurance growth is set to moderate after a strong 2022

Figure 21: Younger consumers are more willing to purchase parametric travel insurance

Figure 22: Forecasting methodology

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