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)
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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 (%)
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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 (%)
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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 (%)
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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
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
Table
Figures
Frequently asked questions
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What was the UK travel insurance market size in 2022?
The travel insurance market size in the UK was GBP630.4 million in 2022.
-
What is the UK travel insurance market growth rate?
The UK travel insurance market is expected to achieve a CAGR of more than 2% during 2022-2027.
-
Which claim type accounted for the highest share in the UK travel insurance market?
Cancellations accounted for the majority of travel insurance claims in 2022.
-
Who are the key underwriters in the UK travel insurance market?
Some of the leading underwriters in the UK travel insurance market are Great Lakes Munich Re Group, Admiral, Mapfre Assistance, Aviva, and Zurich.
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