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(India.CityRegions.Com, March 13, 2018 ) "UK Travel Insurance: Market Dynamics & Opportunities 2017", provides an in-depth analysis of the UK travel insurance market. It looks at market size and profitability as well as changes in premiums, claims, travel trends, regulations, and opportunities. It provides a thorough overview of the market along with future forecasts.
In 2016, the UK travel insurance market experienced a decrease in the number of policies being written, which resulted in GWP dropping to Â£569.5m. Profitability within the market has remained low despite a slight increase in travel insurance premiums, as the number of UK residents visiting abroad without holding travel insurance also increased. The cost of claims for travel insurers increased further in 2016, despite the total number of claims falling. Medical expenses remain the largest cost to travel insurers, with the cost of cancellations also increasing.
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Leading Key Players:
App in the Air
Direct Line Group
Direct Line Group
ACE European Group
- The travel insurance market may potentially benefit as a result of the UK leaving the EU.
- Marginalized consumers require more guidance in order to access the market.
- The UK travel insurance market is set to be worth Â£702m in 2021.
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Reasons to buy
- Benchmark yourself against the rest of the market.
- Ensure you remain competitive as new innovations and insurance models begin to enter the market.
- Be prepared for how travel trends and the UK travel insurance market will be impacted by socio-political and economic factors over the next few years.
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