Boston, MA -- (ReleaseWire) -- 01/23/2013 -- The market witnessed a 7.6% fall to GBP706.3m in 2011, from GBP764.8m in 2010, according to figures from the Association of British Insurers (ABI). Industry experts interviewed by Datamonitor attribute this fall to two key factors; continued low levels of trips abroad, and the increasing popularity of policies sold alongside added value accounts, where premiums can be a matter of a few pounds a month.
- Develop strategies to achieve growth in new business as the economic climate continues to hinder travel abroad.
- Benchmark against your peers within the UK travel insurance market, analyzing your strengths and weaknesses as a provider.
- Identify new distribution opportunities as consumers look for alternative avenues such as added value accounts.
- Enhance knowledge of the macro economy and how it drives or inhibits the sale of travel insurance.
In 2011, the percentage of premium income generated from annual multi trip policies increased by 5.1 percentage points to account for 67.4% of travel insurance GWP. This recent growth is an extension of a pattern of steady growth in annual policy popularity over the last five years.
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Travel insurance has widespread product penetration for a non-compulsory product, with only 8% of consumers not purchasing cover for their last overseas trip. This product penetration can be explained by increasing consumer awareness of the benefits of insurance as potentially high medical costs are highlighted in the press.
Conditions will remain competitive over the next five years, resulting in modest premium rate increases, The market will remain an attractive one in which to write business as a growth in the number of trips abroad is forecast to increase the number of policies sold.
Reasons to Get this Report
- What are consumers travelling habits as a result of the economic climate? How has this changed over the last five years?
- What will drive claims costs, and what are the options open to insurers to limit and mitigate claims losses?
- Who are the main insurers are who are the leading brands for travel insurance?
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