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 size was GWP1.005 billion in 2023. The increased number of policyholders has impacted the market growth in recent years. The UK travel insurance market will grow at a CAGR of more than 3% during 2023-2028.
The United Kingdom (UK) travel insurance market research report analyzes the key trends including inflation and emerging technology such as artificial intelligence and parametric insurance. The UK travel insurance market outlook offers drivers of uptake, the claims landscape, and upcoming regulatory changes. Incumbent competitors are analyzed and compared while key factors impacting the market are also discussed in-depth in the report, allowing clients to make informed business decisions.
UK Travel Insurance Market Outlook, 2023-2028 (GWP Billion)
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| Key Claim Types | • Cancellations
• Medical • Baggage and Money • Missed Departures • Delays • Legal Expenses |
| Leading Providers | • Great Lakes Munich Re Group
• Aviva • Inter Partner Assistance • Admiral • UK Insurance |
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UK Travel Insurance Market Dynamics
Shift single-trip policies and adoption of new technologies are a few of the success factors of the UK travel insurance industry. For instance, insurers can capitalize on the shift in favor of single-trip policies by offering flexible, budget-friendly options that cater to consumers seeking short-term coverage without long-term commitments. Developing customized single-trip packages with added value, such as pay-per-trip add-ons or tailored coverage for specific destinations, can attract price-sensitive travelers. Additionally, insurers could promote dynamic pricing and offer discounts for frequent travelers who prefer the flexibility of single-trip policies.
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UK Travel Insurance Market Segmentation by Claim Types
The key claims in the UK travel insurance market are cancellations, medical claims, baggage and money-related claims, missed departures, delays, and legal expenses. Cancellation claims had the highest share in the UK travel insurance market in 2023. There was a notable increase in the claims related to cancellations from 2022 to 2023. This rise can be attributed to a range of factors including airline strikes, extreme weather events, and lingering disruptions from the COVID-19 pandemic, which have all contributed to a higher incidence of trip cancellations.
UK Travel Insurance Market Analysis by Claim Types, 2023 (%)
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UK Travel Insurance Market - Competitive Landscape
The leading travel insurers in the UK are Great Lakes Munich Re Group, Aviva, Inter Partner Assistance, Admiral, and UK Insurance. Great Lakes remains the largest underwriter in the market by premiums in 2023, followed by Aviva. Furthermore, Great Lakes Munich Re Group continues to lead the market in terms of the number of contracts, holding a significant share in 2023.
UK Travel Insurance Market Analysis by Companies, 2023 (%)
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Segments Covered in the Report
UK Travel Insurance Claim Types Outlook (2023)
- Cancellations
- Medical
- Baggage and Money
- Missed Departures
- Delays
- Legal Expenses
Scope
In 2023, single-trip policies overtook multi-trip to become the most popular type of travel insurance policy.
Average premiums fell by 12% to GBP56.18 in 2023.
The number of claims notified increased by 58.4% in 2023.
The cost of claims increased by 45% in 2023, while the average value of claims fell by 8.5%.
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
- Discover the impact of the cost-of-living crisis on travel insurance
Great Lakes
Aviva
Inter Partner Assistance
Admiral
U K Insurance
Staysure
Avanti
Holiday Extras
Sainsburys
Esure
M&S Bank
HSBC
Tesco
Coverwise
Nationwide
Direct Line
Churchill
NatWest
AXA
ASDA
American Express
Tui
AA
Insure for All
Southdown
First Direct
TSB
NSM
AllClear
InsuranceandGo
Qover
Monzo
Blink Parametric
Gigasure
Table of Contents
Table
Figures
Frequently asked questions
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What was the UK travel insurance market size in 2023?
The United Kingdom (UK) travel insurance market size was GBP1.005 billion in 2023.
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What will the UK travel insurance growth rate be during 2023-2028?
The UK travel insurance market will grow at a CAGR of more than 3% during 2023-2028.
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Which claim type dominated the UK travel insurance market in 2023?
In 2023, medical expenses were the largest driver of this UK travel insurance market growth.
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Which are the companies in the UK travel insurance industry?
The leading companies in the UK travel insurance industry are Great Lakes Munich Re Group, Aviva, Inter Partner Assistance, Admiral, and UK Insurance.
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