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Travel Insurance in the UK, Key Trends and Opportunities to 2018 - Product Image

Travel Insurance in the UK, Key Trends and Opportunities to 2018

  • ID: 2789971
  • April 2014
  • Region: United Kingdom, Great Britain
  • 63 Pages
  • Timetric

FEATURED COMPANIES

  • ACE European Group Ltd
  • Ageas (UK) Ltd
  • AIG Europe Ltd
  • Allianz Insurance Plc
  • Aviva Plc
  • Axa UK Plc
  • MORE

The report provides market analysis, information and insights into the UK travel insurance business, including:

- Provides a snapshot of market size and market segmentation

- Comprehensive analysis of claims, drivers and market outlook

- Analysis of distribution channels

- Deals, news and regulatory developments

Summary

Gross written premiums for travel insurance were valued at GBP724 million in 2012, and an estimated GBP742 million in 2013. Volatile premium growth was recorded during the review period (2008–2012), as demand was strongly influenced by the UK’s recessionary economic backdrop limiting demand for overseas travel. The compound annual growth rate (CAGR) registered during the review period was more stable at -0.53%, however.

UK residents made fewer trips abroad during the review period, with discretionary spending on holidays constrained by weak growth in earnings, employment uncertainty and rising travel costs, while businesses reduced budgets for corporate travel. A preference for domestic holidays induced a 12.5 million dip in the number of leisure and business trips abroad during the review period.

Medical READ MORE >

FEATURED COMPANIES

  • ACE European Group Ltd
  • Ageas (UK) Ltd
  • AIG Europe Ltd
  • Allianz Insurance Plc
  • Aviva Plc
  • Axa UK Plc
  • MORE

1 Executive Summary

2 Introduction
2.1 What is this Report About?
2.2 Definitions
2.3 Methodology

3 Market Analysis
3.1 Market Size
3.1.1 Penetration and density
3.2 Claims
3.2.1 Claims review
3.2.2 Claims outlook
3.3 Market Drivers
3.4 Market Outlook
3.5 Distribution Channels
3.5.1 Distribution outlook

4 Competitive Landscape
4.1.1 Investment returns
4.1.2 Profitability outlook
4.2 Review - The Best Performers of 2012
4.3 Product Innovation
4.4 Travel Insurance - SWOT Analysis

5 Porter’s Five Forces Analysis
5.1 Bargaining Power of Suppliers: Low
5.2 Bargaining Power of Buyers: High
5.3 Barriers to Entry: Medium
5.4 Intensity of Rivalry: Medium to High
5.5 Threat of Substitution: Medium

6 Deals
6.1 Allianz Partners With STA Travel
6.2 BIBA Renews Deal With Specialist Broker
6.3 Holiday Extras Acquires Thomas Cook’s Insurance Subsidiary
6.4 Axa Increases Broker Capacity
6.5 AIG to Underwrite Bupa’s Travel Insurance Products

7 News
7.1 FCA Recommends Shake-up of Insurance Add-ons
7.2 Abta Renews Calls for Regulation Review

8 Regulation and Compliance
8.1 Recent Changes
8.1.1 Consumer Insurance (Disclosure and Representations) Act 2012
8.1.2 EU Gender Directive
8.1.3 Civil Aviation (ATOL) Regulations 2012
8.2 Upcoming Regulations
8.2.1 Solvency II

9 Macroeconomic Backdrop
9.1 Real GDP Growth
9.2 Labor Market Conditions
9.3 Inflation
9.4 Disposable Income
9.5 Interest Rates

10 Company Profiles
10.1 ACE European Group Ltd - Company Overview
10.1.1 ACE European Group Ltd - key facts
10.1.2 ACE European Group Ltd - main products
10.1.3 ACE European Group Ltd - main competitors
10.1.4 ACE European Group Ltd - key employees
10.2 Ageas (UK) Ltd - Company Overview
10.2.1 Ageas (UK) Ltd - key facts
10.2.2 Ageas (UK) Ltd - main products
10.2.3 Ageas (UK) Ltd - main competitors
10.2.4 Ageas (UK) Ltd - key employees
10.3 AIG Europe Ltd - Company Overview
10.3.1 AIG Europe Ltd - key facts
10.3.2 AIG Europe Ltd - main products
10.3.3 AIG Europe Ltd - main competitors
10.3.4 AIG Europe Ltd - key employees
10.4 Allianz Insurance Plc - Company Overview
10.4.1 Allianz Insurance Plc - key facts
10.4.2 Allianz Insurance Plc - main products
10.4.3 Allianz Insurance Plc - main competitors
10.4.4 Allianz Insurance Plc - key employees
10.5 Aviva Plc - Company Overview
10.5.1 Aviva Plc - key facts
10.5.2 Aviva Plc - main products
10.5.3 Aviva Plc - main competitors
10.5.4 Aviva Plc - key employees
10.6 Axa UK Plc - Company Overview
10.6.1 Axa UK Plc - key facts
10.6.2 Axa UK Plc - main products
10.6.3 Axa UK Plc - main competitors
10.6.4 Axa UK Plc - key employees
10.7 Chubb Insurance Company of Europe SE - Company Overview
10.7.1 Chubb Insurance Company of Europe SE - key facts
10.7.2 Chubb Insurance Company of Europe SE - main products
10.7.3 Chubb Insurance Company of Europe SE - main competitors
10.7.4 Chubb Insurance Company of Europe SE - key employees
10.8 Direct Line Insurance Group Plc - Company Overview
10.8.1 Direct Line Insurance Group Plc - key facts
10.8.2 Direct Line Insurance Group Plc - main products
10.8.3 Direct LineInsurance Group Plc - main competitors
10.8.4 Direct Line Insurance Group Plc - key employees
10.9 Great Lakes Reinsurance (UK) Plc - Company Overview
10.9.1 Great Lakes Reinsurance (UK) Plc - key facts
10.9.2 Great Lakes Reinsurance (UK) Plc - main products
10.9.3 Great Lakes Reinsurance (UK) Plc - main competitors
10.9.4 Great Lakes Reinsurance (UK) Plc - key employees
10.10 Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA - Company Overview
10.10.1 Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA - key facts
10.10.2 Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA - main products
10.10.3 Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA - main competitors
10.10.4 Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA - key employees

11 Statistics
11.1 Review Period: 2008-2012
11.2 Forecast Period: 2013-2017

12 Appendix
12.1 Methodology
12.2 Contact
12.3 About
12.4 Services
12.5 Disclaimer

List of Tables

Table 1: Insurance Industry Definitions
Table 2: UK Travel Insurance - Market Summary (GBP Thousand), 2008-2012
Table 3: UK Travel Insurance - Online Retailers
Table 4: UK Travel Insurance -Key Affinity Partnerships
Table 5: UK Travel Insurance - Market SWOT Analysis
Table 6: Recent and Upcoming Regulatory Changes
Table 7: ACE European Group Ltd, Key Facts
Table 8: ACE European Group Ltd, Main Products
Table 9: ACE European Group Ltd, Key Employees
Table 10: Ageas (UK) Ltd, Key Facts
Table 11: Ageas (UK) Ltd, Main Products
Table 12: Ageas (UK) Ltd, Key Employees
Table 13: AIG Europe Ltd, Key Facts
Table 14: AIG Europe Ltd, Main Products
Table 15: AIG Europe Ltd, Key Employees
Table 16: Allianz Insurance Plc, Key Facts
Table 17: Allianz Insurance Plc, Main Products
Table 18: Allianz Insurance Plc, Key Employees
Table 19: Aviva Plc, Key Facts
Table 20: Aviva Plc, Main Products
Table 21: Aviva Plc, Key Employees
Table 22: Axa UK Plc, Key Facts
Table 23: Axa UK Plc, Main Products
Table 24: Axa UK Plc, Key Employees
Table 25: Chubb Insurance Company of Europe SE, Key Facts
Table 26: Chubb Insurance Company of Europe SE, Main Products
Table 27: Chubb Insurance Company of Europe SE, Key Employees
Table 28: Direct Line Insurance Group Plc - Key Facts
Table 29: Direct Line Insurance Group Plc - Main Products
Table 30: Direct Line Insurance Group Plc - Key Employees
Table 31: Great Lakes Reinsurance (UK) Plc, Key Facts
Table 32: Great Lakes Reinsurance (UK) Plc, Main Products
Table 33: Great Lakes Reinsurance (UK) Plc, Key Employees
Table 34: Mapfre Asistencia Compañía Internacional De Seguros Y Reaseguros, SA, Key Facts
Table 35: Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA, Main Products
Table 36: Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA, Key Employees
Table 37: Travel Insurance (GBP Thousand), 2008-2012
Table 38: Travel Insurance (GBP Thousand), 2013-2018

List of Figures

Figure 1: UK Travel Insurance - Gross Written Premiums (GBP Million), 2008-2012
Figure 2: UK Travel Insurance - Penetration Rate (%) and Density (GBP), 2008-2012
Figure 3: UK, EU and US Health Inflation (%), 2008-2013
Figure 4: UK Residents’ Visits Abroad (Thousands), 2006-2013
Figure 5: Annual Change in UK Residents’ Travel Expenditure (%), 2009-2012
Figure 6: UK Business Spending on Travel Abroad (GBP Billions), 2008-2012
Figure 7: UK Consumer Prices - Travel and Transport (%), 2004-2013
Figure 8: UK Travel Insurance - Gross Written Premiums Forecast (GBP Millions) 2014-2018
Figure 9: UK Population Growth by Age (%) 2007-2018
Figure 10: Market Shares of the 10 Leading UK Travel Insurers (%) in 2012
Figure 11: UK Travel Insurance - Five Forces Analysis
Figure 12: The UK’s Insurance Regulatory Framework
Figure 13: UK Real GDP Growth (%), 2008-2018
Figure 14: UK Unemployment and Redundancy Rates (%), 2004-2013
Figure 15: UK Average Weekly Earnings, 2004-2013
Figure 16: UK Consumer Price Inflation (%), 2004-2013
Figure 17: UK Consumer Price Inflation (%), 2004-2013
Figure 18: UK Bank of England Rate (%), 2004-2014

- ACE European Group Ltd
- AIG Europe Ltd
- Ageas (UK) Ltd
- Allianz Insurance Plc
- Aviva Plc
- Axa UK Plc
- Chubb Insurance Company of Europe SE
- Direct Line Insurance Group Plc
- Great Lakes Reinsurance (UK) Plc
- Mapfre Asistencia Compañía Internacional de Seguros y Reaseguros, SA

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