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UK Travel Insurance 2011
Datamonitor, Dec 2011, Pages: 85
The report includes a discussion of the performance of the major travel insurance competitors, providing data on GWP and market share. It puts this data into context with a discussion of key market issues, and also features a discussion of advertising trends that point towards competitor strategies and market trends.
Scope:
- The latest data and market research including information on market size, drivers behind claims and travel trends.
- Insight into advertising expenditure and consumer behaviour in the market.
- An understanding of the competitive environment, new partnerships, and the impact key players are having on the travel insurance market.
- Forecasts of the market’s GWP growth until 2015, based on industry interviews, secondary research and in-house expertise.
Highlights:
- The total number of visits abroad by UK residents fell by 6.3% in 2010. This represents a drop from 58.6m to 54.9m. Foreign travel has seen a downturn since 2008, with an average rate of decline at 5.3% between 2006 and 2010.
- AXA continued to hold the largest share of the travel insurance market in 2010, with 20.2%, representing a GWP of £154.3m. This was however both a decrease in GWP – down by 2.0% - and market share, with a 1.0% decline. Performance is expected to improve with a continued partnership with Lloyds TSB and the new account with TUI.
- Single trip polices were the most popular choice of travel insurance coverage for all age bands except for the oldest group, 55-65 year olds. 18-24 year olds were the most likely to purchase single trip polices, with 54.7% of respondents selecting this option.
Reasons to buy:
- How has the travel insurance market changed in the last year and how is it forecast to perform in the next five years?
- How many consumers are purchasing travel insurance, why did they select their policy and who did they buy from?
- Who are the leading travel insurance providers and how have they performed in the last year?
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