Abstract
Overview
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
issues and trends facing the sector. It also reveals which insurers are
leading the way in this market and forecasts what the future holds for the
sector in the next five years under two different scenarios.
Scope
- Consumer data giving insight into travel insurance purchasing habits
- Analysis of the major competitive issues shaping the market, supported by
interviews with senior industry executives and data from secondary sources
- GWP forecasts to 2011, based on Datamonitor' s in-house expertise and
proprietary model
Report Highlights
Travel insurance premium income grew by 1.4 per cent in 2006. The increase in
GWP was driven by an increase in the number of trips taken abroad. Conditions
remained competitive mainly as a result of the high number of distributors
active in the travel insurance market, which put pressure on premium rates.
The number of trips to North America fell in 2006 and this trend could benefit
insurers, as medical costs are notoriously high in the U.S. Less exposure to
these risks, as a result of changing travel patterns, could therefore have a
positive impact on claims inflation.
The top 10 travel insurance advertisers experienced a significant turnover in
2006. Only the largest insurance providers have the marketing budget to
consistently rank in the top 10 advertisers, whereas smaller providers tend to
concentrate their efforts during one year only to ease back on their spending
in the following year.
Reasons to Purchase
- Plan your future travel insurance strategy using Datamonitor' s market size
forecasts
- Understand consumer purchasing and decision making behavior to help you
optimize acquisition rates
- 3. Benchmark your travel insurance business against the competition
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