DUBLIN--(BUSINESS WIRE)--The "United Kingdom (UK) Travel Insurance - Market Dynamics and Opportunities 2020" report has been added to ResearchAndMarkets.com's offering.
This report provides in-depth analysis of the UK travel insurance market. It looks at current and historical market size and profitability, examining changes in premiums and claims. It analyzes the competitive landscape, providing examples of key travel insurance products.
The report discusses travel trends and the impact of various socio-political and economic factors, including COVID-19 and Brexit. Forecasts up to 2024 are provided for gross written premiums, and the report also discusses how the market and travel insurance products are likely to change over this period.
COVID-19 will slash the travel insurance market. Gross written premiums (GWP) will erode in 2020, plummeting by almost half compared to 614.2m in 2019. This shock to the market comes after a 12.0% GWP increase in 2019.
COVID-19 will exert enormous pressure on travel insurers, as medical- and cancellation-related claims remain an ongoing industry issue, accounting for around 90% of the total cost of claims paid out in 2019. Looking to the future, the travel insurance market will depend massively on the economic recovery following the outbreak of the pandemic.
Changing customer behavior given the revocation of the European Health Insurance Card (EHIC) by the end of 2020 will also be a factor, as will the Financial Conduct Authority's (FCA's) new rules on signposting for consumers with pre-existing medical conditions (PEMCs). In the short term, travel insurers will be facing financial strains - some flights have resumed but disruption continues.
- The UK travel insurance market grew in 2019 to reach 614.2m in gross written premiums. However, the outbreak of COVID-19 has compromised travel since then.
- Travel insurance products were temporarily withdrawn from the market at the onset of the pandemic. Having been reintroduced, there is demand for COVID-19 cover among those who still travel.
- Claims costs decreased to an average of 377 but travel insurers face record-high cancellation payouts in 2020.
- Munich Re was the largest travel insurer by GWP in 2019 with a 20.8% share of the market.
Reasons to Buy
- Examine the size of the UK's travel insurance market.
- Benchmark your company against other competitors.
- Be prepared for customers' changing attitudes and behaviors regarding travel and insurance as a result of COVID-19 and Brexit.
- Understand the impact of various other trends on the market.
Key Topics Covered:
1. EXECUTIVE SUMMARY
1.1. The travel insurance industry will be hugely impacted by COVID-19
1.2. Key findings
1.3. Critical success factors
2. MARKET DYNAMICS
2.1. The UK travel insurance market returned to growth in 2019
2.2. The number of travel insurance claims dropped by 5.6% in 2019
2.3. Travel insurance and added-value bank accounts
2.4. Travel trends among UK residents
2.5. The influence of economic, sociopolitical, and health events on travel
3. THE STRUCTURE OF THE UK TRAVEL INSURANCE MARKET
3.2. COVID-19 has had a huge impact on the travel insurance market
3.3. Other market developments
4. THE MARKET GOING FORWARD
4.1. The travel insurance market is expected to contract by 58.2% in 2020
4.2. The rise of the staycation could create an opportunity for insurers
4.3. The influence of Brexit on the future market
4.4. Technological opportunities in the claims process
4.5. Virtual GP services could become commonplace
4.6. Technological opportunities beyond claims
- British Airways
- Munich Re
- U K Insurance
- The Co-operative Bank
- Age Partnership
- John Lewis
- Tesco Bank
- Thomas Cook
- WOW air
- Primera Air
For more information about this report visit https://www.researchandmarkets.com/r/8b5xg8