United Kingdom (UK) Travel Insurance – Market Dynamics and Opportunities 2020

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This report provides in-depth analysis of the UK travel insurance market. It looks at current and historical market size and profitability, examining changes in premiums and claims. It analyzes the competitive landscape, providing examples of key travel insurance products. The report discusses travel trends and the impact of various socio-political and economic factors, including COVID-19 and Brexit. Forecasts up to 2024 are provided for gross written premiums, and the report also discusses how the market and travel insurance products are likely to change over this period.

COVID-19 will slash the travel insurance market. Gross written premiums (GWP) will erode in 2020, plummeting by almost half compared to £614.2m in 2019. This shock to the market comes after a 12.0% GWP increase in 2019. COVID-19 will exert enormous pressure on travel insurers, as medical- and cancellation-related claims remain an ongoing industry issue, accounting for around 90% of the total cost of claims paid out in 2019. Looking to the future, the travel insurance market will depend massively on the economic recovery following the outbreak of the pandemic. Changing customer behavior given the revocation of the European Health Insurance Card (EHIC) by the end of 2020 will also be a factor, as will the Financial Conduct Authority’s (FCA’s) new rules on signposting for consumers with pre-existing medical conditions (PEMCs). In the short term, travel insurers will be facing financial strains – some flights have resumed but disruption continues.


– The UK travel insurance market grew in 2019 to reach £614.2m in gross written premiums. However, the outbreak of COVID-19 has compromised travel since then.

– Travel insurance products were temporarily withdrawn from the market at the onset of the pandemic. Having been reintroduced, there is demand for COVID-19 cover among those who still travel.

– Claims costs decreased to an average of £377 but travel insurers face record-high cancellation payouts in 2020.

– Munich Re was the largest travel insurer by GWP in 2019 with a 20.8% share of the market.

Reasons to Buy

– Examine the size of the UK’s travel insurance market.

– Benchmark your company against other competitors.

– Be prepared for customers’ changing attitudes and behaviors regarding travel and insurance as a result of COVID-19 and Brexit.

– Understand the impact of various other trends on the market.

British Airways
Munich Re
U K Insurance
The Co-operative Bank
Age Partnership
John Lewis
Tesco Bank
Thomas Cook
WOW air
Primera Air
Lloyds Bank
RNA Seguros de Assistencia
Virgin Atlantic
Post Office
Sainsbury’s Bank
Virgin Money
M&S Bank
Direct Line
First Direct
Lloyds Bank
Bank of Scotland
First Direct
Hays Travel
Rock Insurance Group
Blue Insurance
Starling Bank
Babylon Health
Push Doctor
Now GP

Table of Contents

Table of Contents


1.1. The travel insurance industry will be hugely impacted by COVID-19

1.2. Key findings

1.3. Critical success factors


2.1. The UK travel insurance market returned to growth in 2019

2.2. The number of travel insurance claims dropped by

5.6% in 2019

2.3. Travel insurance and added-value bank accounts

2.4. Travel trends among UK residents

2.5. The influence of economic, sociopolitical, and health events on travel


3.2. COVID-19 has had a huge impact on the travel insurance market

3.3. Other market developments


4.1. The travel insurance market is expected to contract by

58.2% in 2020

4.2. The rise of the staycation could create an opportunityfor insurers

4.3. The influence of Brexit on the future market

4.4. Technological opportunities in the claims process

4.5. Virtual GP services could become commonplace

4.6. Technological opportunities beyond claims


5.1. Abbreviations and acronyms

5.2. Methodology

5.3. Secondary sources

5.4. Further reading


List of Tables

Table 1: UK travel insurance market GWP and annual growth rate, 2015-19

Table 2: Number of travel insurance policies written, 2015-19

Table 3: Average premiums and percentage change by policy type, 2015-19

Table 4: Average premium prices by demographic, 2017-19

Table 5: Number of visits abroad by region (000s), 2015-19

Table 6: Visits abroad by UK residents by purpose of travel(000s), 2015-19

Table 7: Nationwide FlexPlusworldwide travel insurance cover, 2019

Table 8: Aviva’s single and annual coverage, 2019

Table 9: InsureandGo annual trip coverage (Silver), 2019

Table 10: Staysure Basic and Comprehensive coverage limits, 2019


List of Figures

Figure 1: The UK travel insurance market returned to growth in 2019

Figure 2: An increase in the number of single-trip policies drove growth in 2019

Figure 3: Multi-trip policies continue to dominate the travel insurance market

Figure 4: Single-trip premiums have remained broadly similar in price, while multi-trip premiumshave risen

Figure 5: Cancellations was the only category to experience an increase in claims for 2019

Figure 6: Cancellations and medical-related claims made up almost 68% of notified claims in 2019

Figure 7: Cancellations and medical expenses accounted for 90% of claims costs in 2019

Figure 8: Outbound tourism increased in 2019, except for North America

Figure 9: Spain remainsby far the most popular travel destination for UK travelers

Figure 10: The UK economy continued to grow in 2019

Figure 11: Real wages in the UK continued to stagnate through 2019

Figure 12: The value of the poundhas been unable to make a full recovery since the 2016 EU referendum

Figure 13: Munich Rewas the UK’s leading underwriter by GWP in 2019

Figure 14: U K Insurance underwrote the greatest number of contracts in 2019

Figure 15: The travel insurance market will experience a compound annual growth rateof -11.1% for 2019-24

Figure 16: GlobalData’sforecasting model

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