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UK Travel Insurance 2007
Datamonitor, Aug 2007, Pages: 62
Introduction
This report is an invaluable source of information on the UK travel insurance market. It provides unique market size information and discusses the main issues and trends facing the sector. It also reveals which insurers are leading the way in this market and forecasts what the future holds for the sector in the next five years under two different scenarios.
Scope
Consumer data giving insight into travel insurance purchasing habits Analysis of the major competitive issues shaping the market, supported by interviews with senior industry executives and data from secondary sources GWP forecasts to 2011, based on Datamonitor’s in-house expertise and proprietary model
Highlights
Travel insurance premium income grew by 1.4 per cent in 2006. The increase in GWP was driven by an increase in the number of trips taken abroad. Conditions remained competitive mainly as a result of the high number of distributors active in the travel insurance market, which put pressure on premium rates. The number of trips to North America fell in 2006 and this trend could benefit insurers, as medical costs are notoriously high in the U.S. Less exposure to these risks, as a result of changing travel patterns, could therefore have a positive impact on claims inflation. The top 10 travel insurance advertisers experienced a significant turnover in 2006. Only the largest insurance providers have the marketing budget to consistently rank in the top 10 advertisers, whereas smaller providers tend to concentrate their efforts during one year only to ease back on their spending in the following year.
Reasons to Purchase
Plan your future travel insurance strategy using Datamonitor’s market size forecasts Understand consumer purchasing and decision making behavior to help you optimize acquisition rates 3. Benchmark your travel insurance business against the competition
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