Published : Sep-2020
No. of Pages : 52
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 opportunityfor 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
5. APPENDIX
5.1. Abbreviations and acronyms
5.2. Methodology
5.3. Secondary sources
5.4. Further reading
List of Tables
Table 1: UK travel insurance market GWP and annual growth rate, 2015-19
Table 2: Number of travel insurance policies written, 2015-19
Table 3: Average premiums and percentage change by policy type, 2015-19
Table 4: Average premium prices by demographic, 2017-19
Table 5: Number of visits abroad by region (000s), 2015-19
Table 6: Visits abroad by UK residents by purpose of travel(000s), 2015-19
Table 7: Nationwide FlexPlusworldwide travel insurance cover, 2019
Table 8: Aviva's single and annual coverage, 2019
Table 9: InsureandGo annual trip coverage (Silver), 2019
Table 10: Staysure Basic and Comprehensive coverage limits, 2019
List of Figures
Figure 1: The UK travel insurance market returned to growth in 2019
Figure 2: An increase in the number of single-trip policies drove growth in 2019
Figure 3: Multi-trip policies continue to dominate the travel insurance market
Figure 4: Single-trip premiums have remained broadly similar in price, while multi-trip premiumshave risen
Figure 5: Cancellations was the only category to experience an increase in claims for 2019
Figure 6: Cancellations and medical-related claims made up almost 68% of notified claims in 2019
Figure 7: Cancellations and medical expenses accounted for 90% of claims costs in 2019
Figure 8: Outbound tourism increased in 2019, except for North America
Figure 9: Spain remainsby far the most popular travel destination for UK travelers
Figure 10: The UK economy continued to grow in 2019
Figure 11: Real wages in the UK continued to stagnate through 2019
Figure 12: The value of the poundhas been unable to make a full recovery since the 2016 EU referendum
Figure 13: Munich Rewas the UK's leading underwriter by GWP in 2019
Figure 14: U K Insurance underwrote the greatest number of contracts in 2019
Figure 15: The travel insurance market will experience a compound annual growth rateof -11.1% for 2019-24
Figure 16: GlobalData'sforecasting model
