Abstract
Introduction
This report is an invaluable source of information on the UK travel insurance
market. It provides unique market size information and discusses the main
challenges and trends facing travel insurance providers. It also analyses
which underwriters are leading the way in this market and forecasts what the
future holds for the sector over the next four years.
Scope of this research
- GWP forecasts to 2013, based on Datamonitor' s in-house expertise and
proprietary model.
- Insight into the main competitive developments taking place in the UK
travel insurance market.
- A detailed analysis of the marketing spend of the top 10 UK travel
insurance advertisers.
Research and analysis highlights
The number of visits abroad by UK residents decreased by 16.6% between Q1 2008
and Q1 2009, from 18.2 million to 15.2 million. This is considerably different
to trends in previous years, which have witnessed consistent growth in the
first quarter of each year.
In 2008, advertising expenditure continued to increase in the travel insurance
market to £7.7m, which can be attributed to competitors increasing their
spending on outdoor advertising. Spending on outdoor advertising displayed
significant growth in 2008, with spending on this type of media increasing by
307.3% to £1.3m.
The travel insurance market witnessed a small improvement in its gross loss
ratio, which reduced by 0.7 percentage points from 65.4% to 64.7%. Growth in
premium income was the main driver of this improvement, which grew by a larger
proportion than claims incurred.
Key reasons to purchase this research
- Plan your future travel insurance strategy using Datamonitor' s market size
forecasts.
- Gain an understanding of changing consumer attitudes and behaviors amid
the downturn in order to determine appropriate recessionary strategies.
- Benchmark your travel insurance business against the competition.
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