Rising trend of frequent traveling in the UK among millennials in addition to increasing disposable income is driving the UK travel insurance market
— UK Travel Insurance Market
Travel Insurance is a type of insurance business that provides coverage for injury, loss, treatment, damage while traveling. Moreover insurance compensate the loss in exchange for premium payments. Travel Company offers the benefits to cover the damage to personal property, flight accident coverage, accidental death, personal effects coverage, medical expense coverage, trip cancellation coverage, loss of travel documents or cash, delays or loss of baggage and rented equipment.
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This way travel insurance service provides safety and security. Due to increasing mobility among individuals traveling has become part of business. The major factors like advancement in technology, holiday entitlement, and easy availability of holiday package are contributing the growth of the travel insurance market. The developments in several technologies are driving the entire insurance market.
Ecological tourism is also contributing contributing to growth of tourism industry. In particular for travel sector and hospitality rise of the internet and increasing in popularity of social media like Facebook, Instagram have improved travel marketing. This way social sharing and transformation of travel research transformed the overall tourism industry. This is ultimately contributing to the Travel insurance market.
On the basis of insurance types UK Travel Insurance Market categorized into Property Damage, Trip Delay, Trip Cancellation and Medical Expenses. Medical expenses is dominating the market among all other types of insurance. Global travellers often expose to foreign bacteria and unfamiliar foods hence Medical expenses have the largest market.
Furthermore, on the basis of traveller type market can be classified into Leisure Travel and Business Travel. People are showing interest to explore new places & culture and disposal income is increasing. Leisure travel helps to reduce stress from regular life. Leisure travel is mostly planned during the holidays and thus Leisure travel market is increasing in large scale. In that period insurance company’s business rises.
In addition, based on the distribution channel market can be segmented into Indirect sales and direct sales. Due to direct channels like internet, direct distribution channel is dominating. Internet offers many websites for the people to compare the prices. InsureandGo and Money Supermarket are two business established with the internet distribution.
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Furthermore, travel insurance market on the basis applications segmented into international travel and domestic travel.
There are several key players which are presently functioning in this sector. The Players having a strong hold in the market are Saga PLC, Aviva PLC, Europe Assistance, Travelex Insurance Services, China Pacific Life Insurance Co. Ltd, Munich Re (Group), Prudential Financial, Inc., Chubb Ltd., KBC Group, and Allianz SE.
Segment overview of UK Travel Insurance Market
Type Overview, 2015-2025 (USD Million)
• Medical Expenses
• Trip Cancellation
• Trip Delay
• Property Damage
Application Overview, 2015-2025 (USD Million)
• Domestic Travel
• International Travel
Type of Travel Overview, 2015-2025 (USD Million)
• Business Travel
• Leisure Travel
Distribution Channel Overview, 2015-2025 (USD Million)
• Direct Sales
• Indirect Sales
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