Traveling becoming a Costly Affair due to Weakened Pound to Negatively Impact UK Travel Insurance Market

Published Date : Oct 17, 2016

ALBANY, NY, Oct 17, 2016 – The new report “UK Travel Insurance: Market Dynamics And Opportunities 2016” presents an in-depth understanding of the UK travel insurance market. It covers the changes seen in travel trends, premiums, claims, opportunities, and regulations in the UK travel insurance market.  The changes that are predicted to take place in the market and the top trends currently seen in the market have also been presented. The report also presents the factors supporting and impeding the development of the market. 

The report starts by presenting an introduction to the travel insurance market in the UK. This section covers the prime market dynamics impacting the growth of the market. As stated in the report, the UK travel insurance market is anticipated to touch 628m by 2020.  In 2015, the travel insurance market in the UK dropped by 12.3% in terms of gross written premium (GWP). This is due to low count of polices being written in this nation, despite of an increase in the count of residents travelling to other nations. The majority of UK travelers have been visiting Europe in the past years and have been taking European Health Insurance Cards (EHICs) in place of buying travel insurance in order to save money.  This will also hamper the growth of the travel insurance market in the UK. 

The key trends seen in the market include increasing preference for annual policies instead of single trip cover. This is because of the increasing rate of travel in the UK and the benefits of yearly travel insurance policies. The report also states that the count of policies written have remained constant even after four years of market decline. In addition, building societies and banks presenting travel insurance are being more preferred by UK residents. Furthermore, claim costs have been on the rise in spite of huge count of claims being declined. 

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The report further states that the UK residents are availing action-packed holidays and that home-sharing and Airbnb have been gaining popularity in the UK travel industry. Another key trend seen in the UK travel insurance market is that a number of insurance companies are taking steps in favor of those prone to disease epidemics. The report further opines that the gross written premium for the travel insurance market in the UK will be low till 2017, post which it will start to rise. 

The report further states that though UK citizens have been increasingly travelling abroad due to the improvement in the economy post financial recession of 2007-08, still owing to UK not being a part of EU anymore, there will be a lot of pressure imposed on household disposable incomes of individuals residing in the UK. In addition, traveling abroad is also poised to become more costly owing to the reduced value of pound, thus influencing travelling trends and subsequently negatively impacting the development of the travel insurance market, till the economy starts to improve. 

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