Uk Travel Insurance Market Size, Share, Governance, Risk and Compliance, Emerging Trends and Research Report by Radiant Insights
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UK Travel Insurance Market Size, Share, Governance, Risk and
Compliance, Emerging Trends and Research Report by Radiant
Insights
Summary
The UK travel insurance market declined by 12.3% to £625.4m in gross written premium (GWP) in 2015. This is a
result of fewer policies being written, in addition to rates that have been prevented from hardening due to market
competition. The number of policies written has been falling despite rises in the number of UK residents traveling
abroad. The majority of UK travelers visit Europe, which has led to Britons relying on European Health Insurance
Cards (EHICs) instead of purchasing travel insurance in the desire to save money. This trend has been driven by
younger travelers as opposed to older generations, for whom travel insurance is a more important and better
understood purchase due to their higher vulnerability and pre-existing medical conditions. The profitability of the
market is struggling as competition is hindering rate increases, while claims costs for insurers are rising due to
medical inflation despite the number of claims being in decline. Recent years have seen a shift towards annual
policies over single-trip cover. This is a result of more frequent travel and the convenience of an annual policy; the
rise of annual travel insurance distributed via added-value current accounts; and fewer individuals booking a
holiday and consequently single-trip insurance through a tour operator or travel agent.
To Get Full Report Click Here @ http://www.radiantinsights.com/research/uk-travel-insurance-marketdynamics-and-opportunities-2016
Travel abroad by UK residents has been increasing over recent years as a result of an improving economy following
the financial crisis of 2007-08. However, following the UK's decision to leave the EU, it is forecast that pressure will
be put on household disposable income. Furthermore, traveling abroad will become more expensive as a result of
the weakened pound, which will impact travel trends...
Compliance, Emerging Trends and Research Report by Radiant
Insights
Summary
The UK travel insurance market declined by 12.3% to £625.4m in gross written premium (GWP) in 2015. This is a
result of fewer policies being written, in addition to rates that have been prevented from hardening due to market
competition. The number of policies written has been falling despite rises in the number of UK residents traveling
abroad. The majority of UK travelers visit Europe, which has led to Britons relying on European Health Insurance
Cards (EHICs) instead of purchasing travel insurance in the desire to save money. This trend has been driven by
younger travelers as opposed to older generations, for whom travel insurance is a more important and better
understood purchase due to their higher vulnerability and pre-existing medical conditions. The profitability of the
market is struggling as competition is hindering rate increases, while claims costs for insurers are rising due to
medical inflation despite the number of claims being in decline. Recent years have seen a shift towards annual
policies over single-trip cover. This is a result of more frequent travel and the convenience of an annual policy; the
rise of annual travel insurance distributed via added-value current accounts; and fewer individuals booking a
holiday and consequently single-trip insurance through a tour operator or travel agent.
To Get Full Report Click Here @ http://www.radiantinsights.com/research/uk-travel-insurance-marketdynamics-and-opportunities-2016
Travel abroad by UK residents has been increasing over recent years as a result of an improving economy following
the financial crisis of 2007-08. However, following the UK's decision to leave the EU, it is forecast that pressure will
be put on household disposable income. Furthermore, traveling abroad will become more expensive as a result of
the weakened pound, which will impact travel trends...