The report UK Travel Insurance 2011 includes a discussion of the performance of the major travel insurance competitors, providing data on GWP and market share. It puts this data into context with a discussion of key market issues, and also features a discussion of advertising trends that point towards competitor strategies and market trends.
Features and benefits
• The latest data and market research including information on market size, drivers behind claims and travel trends.
• Insight into advertising expenditure and consumer behaviour in the market.
• An understanding of the competitive environment, new partnerships, and the impact key players are having on the travel insurance market.
• Forecasts of the market’s GWP growth until 2015, based on industry interviews, secondary research and in-house expertise.
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The total number of visits abroad by UK residents fell by 6.3% in 2010. This represents a drop from 58.6m to 54.9m. Foreign travel has seen a downturn since 2008, with an average rate of decline at 5.3% between 2006 and 2010.
AXA continued to hold the largest share of the travel insurance market in 2010, with 20.2%, representing a GWP of £154.3m. This was however both a decrease in GWP – down by 2.0% - and market share, with a 1.0% decline. Performance is expected to improve with a continued partnership with Lloyds TSB and the new account with TUI.
Single trip polices were the most popular choice of travel insurance coverage for all age bands except for the oldest group, 55-65 year olds. 18-24 year olds were the most likely to purchase single trip polices, with 54.7% of respondents selecting this option.