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Travel Insurance Market Report 2014 Product Image

Travel Insurance Market Report 2014

  • Published: July 2014
  • Region: United Kingdom
  • 255 Pages
  • Key Note Publications Ltd
In volume terms, the number of travel insurance policies written fell by 19.8% between 2009 and 2012, although an increase of 2.3% was noted in 2013.

FEATURED COMPANIES

  • Ageas Insurance Ltd
  • AIG Europe Ltd
  • Aviva PLC
  • AXA Insurance UK PLC
  • CompareTheMarket.com
  • Confused.com
  • MORE

This Market Report provides an overview of the market for travel insurance in the UK. Travel insurance is a voluntary type of general insurance sold to individuals or groups of individuals to insure against unexpected events which can occur while they are overseas. Generally, this involves claims for medical expenses, delayed departures and lost or stolen property. However, different travel insurers and different policies vary on the type of cover they provide. Profiles of a selection of some of the UK’s largest insurers active in the provision of travel insurance are provided in this report.

This report examines the market for travel insurance by analysing the travel trends of the UK’s population, considering the number of overseas visits that take place each year and analysing the destinations of outbound UK travellers. The report also takes into account the demographics of the UK’s population over the past 40 years and the way this has shifted, specifically relating to the age of the population and what this means for the travel insurance market.

The market for travel insurance is divided into annual multi-trip cover and single trip cover and is provided READ MORE >

Foreword

Executive Summary

Market Definition

REPORT COVERAGE AND DEFINITIONS
Association of British Insurers

MARKET TRENDS
Overseas Trips by UK Residents
Number of Overseas Holidays and Short Breaks
Changing Holiday Purchasing Patterns
The General Insurance Sector

ECONOMIC TRENDS
An Ageing Population

MARKET POSITION
The UK
Overseas

Market Size

THE TOTAL MARKET
By Value (Gross Written Premiums)
By Volume

CLAIMS INCURRED
Cost of Claims
By Volume

OVERSEAS TRADE
General Overview

Industry Background

RECENT HISTORY

NUMBER OF COMPANIES

EMPLOYMENT

REGIONAL VARIATIONS IN THE MARKETPLACE

DISTRIBUTION

HOW ROBUST IS THE MARKET?

LEGISLATION
Regulation (EC) No/2004 - Denied Boarding Regulations
The Financial Services (Distance Marketing) Regulations
The Equality Act
The Consumer Insurance (Disclosure and Representations) Act
Solvency II

KEY TRADE ASSOCIATIONS
Association of British Insurers
Association of Travel Insurance Intermediaries
British Insurance Brokers' Association
The Institute and Faculty of Actuaries
The International Underwriting Association
London and International Insurance Brokers' Association

Competitor Analysis

THE MARKETPLACE

MARKET LEADERS
Ageas Insurance Ltd
AIG Europe Ltd
Aviva PLC
AXA Insurance UK PLC
The British United Provident Association Ltd
Cigna Insurance Services (Europe) Ltd
Direct Line Insurance Group PLC
Liverpool Victoria Insurance Company Ltd
Mondial Assistance (UK) Ltd
The National Farmers Union Mutual Insurance Society Ltd
RSA Insurance Group PLC
Saga Services Ltd

OUTSIDE SUPPLIERS
CompareTheMarket.com
Confused.com
GoCompare.com Ltd
MoneySupermarket.com Group PLC

MAIN MEDIA ADVERTISING EXPENDITURE
Travel Insurance
Price Comparison Websites

Strengths, Weaknesses, Opportunities and Threats

STRENGTHS

WEAKNESSES

OPPORTUNITIES

THREATS

Buying Behaviour

CONSUMER PENETRATION
Type of Cover
Purchasing Patterns

HOUSEHOLD EXPENDITURE

CONSUMER DYNAMICS
General Insurance Products
Attitudes Towards Price of General Insurance
Awareness of Rights and Attitudes Regarding Insurance Contracts
Travel Insurance

HOLIDAYS AND SHORT BREAKS
Frequency of Holidays and Short Breaks Abroad
Types of Holidays and Short Breaks

Current Issues

OLDER TRAVELLERS

SEVERE WEATHER EVENTS AND TRAVEL DISRUPTION

GLOBAL POLITICAL AND SOCIAL UNREST

CHANGES TO REGULATIONS SURROUNDING ADDED-VALUE CURRENT ACCOUNTS

FOREIGN AND COMMONWEALTH OFFICE WARNS AGAINST 'BALCONING'

EHIC CARD

THE BUDGET: AIR PASSENGER DUTY

ANNUAL MULTI-TRIP POLICIES BECOME MUCH MORE COMMON

The Global Market

WORLD TOURISM
International Tourist Arrivals
Outbound Tourism

THE GLOBAL INSURANCE MARKET
The World's Largest Non-Life Insurance Markets

BRIEF OVERVIEW OF GLOBAL ECONOMIC CONDITIONS

THE STATE OF THE NON-LIFE INSURANCE MARKET
North America
Western Europe
Advanced Asian Economies
Oceania
Emerging Markets

CLAIMS FROM MAJOR GLOBAL CATASTROPHES IN

Forecasts

ECONOMIC FORECASTS

FORECASTS TO

MARKET GROWTH

FUTURE TRENDS
Annual Multi-Trip Policies Continue to Dominate
Added-Value Current Accounts: The Next Mis-Selling Scandal?
The Population Continues to Age
Outbound Travel
Travel to Non-Traditional Locations to Continue to Rise

Company Profiles

INTRODUCTION

DEFINITIONS
Turnover (Sales)
Pre-Tax Profit
Profit Margin
Average Remuneration
Sales per Employee

FURTHER INFORMATION

AGEAS INSURANCE LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

AIG EUROPE LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

AVIVA PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

AXA INSURANCE UK PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

BRITISH UNITED PROVIDENT ASSOCIATION LTD (THE)
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

CIGNA INSURANCE SERVICES (EUROPE) LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

DIRECT LINE INSURANCE GROUP PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

LIVERPOOL VICTORIA INSURANCE COMPANY LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

MONDIAL ASSISTANCE (UK) LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

NATIONAL FARMERS UNION MUTUAL INSURANCE SOCIETY LTD (THE)
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

RSA INSURANCE GROUP PLC
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Code
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

SAGA SERVICES LTD
Previous Name(s) and Date(s) of Change
Principal Activities
SIC Codes
Structure
Recent Developments
FINANCIAL PROFILE
Sales
Profits
Employees
Balance Sheet/Ratios

Further Sources
Associations
Publications
General Sources
Government Publications
Other Sources

Understanding Consumer Survey Data
Number, Profile, Penetration
Social Grade
Standard Region

- AIG Europe Ltd
- AXA Insurance UK PLC
- Ageas Insurance Ltd
- Aviva PLC
- Cigna Insurance Services (Europe) Ltd
- CompareTheMarket.com
- Confused.com
- Direct Line Insurance Group PLC
- GoCompare.com Ltd
- Liverpool Victoria Insurance Company Ltd
- Mondial Assistance (UK) Ltd
- MoneySupermarket.com Group PLC
- RSA Insurance Group PLC
- Saga Services Ltd
- The British United Provident Association Ltd
- The National Farmers Union Mut

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