Published on : Oct 18, 2016
ALBANY, NY, Oct 18, 2016: The report presents an insightful glance into the travel insurance sector in UK and its current outlook vis-à-vis competitor dynamics.
Studies over the past eight years reveal the global travel insurance market hasn’t seen much growth, particularly in the years following the 2008 economic meltdown that plunged the world into a recession. Most people have been shelving their vacation plans since then and when they make one, they usually plan it on a lean budget. This has brought about a downswing in the global travel insurance market. However, of late – circa 2014, i.e. – it has started to pick up steam slowly. Travelers have started buying insurance policies that insure them against unforeseen, unexpected events that can occur when they are visiting another country. Generally, this involves claims for lost or stolen property, medical expenses and delayed departures.
The travel insurance market in the UK has pretty much reflected the global trends, its economy being closely affected by the 2008 crash. It has, however, failed to gain traction in the recent past, unlike the global travel insurance market. The report scrutinizes the competition in the market and pegs it as fierce. It attributes this to the stiff competition behind the declining performance of the sector from 2013 onwards, which has resulted in various players having grown and then contracted. The report studies the competitive landscape in details and analyses the key players.
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The UK travel insurance sector is dominated by the top 10 insurers, with AXA being the dominant player holding 22% of the market, the report states after studying the market. It also points out that the competition is uneven with the top 10 insurers accounting for the lion’s share of the market – 80% – in 2015. It says that the top five insurers together account for a whopping two thirds of gross written premiums (GWP). A GWP is total of direct and assumed premiums before deductions for reinsurance and ceding commissions. The report reveals that seven of the top 10 travel insurers showed a decline in GWP in 2015. The remaining three who bucked the trend to report substantial market share increases are Direct Line Group, ACE European Group, and Aviva.
The report covers extensively the GWP progression of the major travel insurance underwriters from 2012 to 2015. It talks about recent developments that have impacted the key companies. Further, it provides a peek into the overall travel insurance industry and discusses the UK travel insurance market simultaneously to draw parallels. Currently, there are two kinds of insurances being sold: single-trip and annual multi-trip policies. They are either sold directly by insurers or as packaged bank accounts offering mobile phone insurance, travel insurance, and lost keys service for a monthly payment.
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