United Kingdom Travel Insurance Market Introduction and Overview
According to SPER Market Research, the United Kingdom Travel Insurance Market is estimated to reach USD 954.67 million by 2033 with a CAGR of 4.79%.
The report includes an in-depth analysis of the United Kingdom Travel Insurance Market, including market size and trends, product mix, Applications, and supplier analysis. An insurance policy that covers unforeseen events that can happen before or during a journey is known as travel insurance. In addition to medical costs, emergency evacuation, lost or stolen property, and travel interruptions, delays, and cancellations are generally covered. A financial safety net against unforeseen events like illness, natural catastrophes, or travel advisories is another benefit of having travel insurance. Since healthcare and other expenses can be much greater than usual when traveling abroad, it is frequently advised. When traveling domestically or abroad, travel insurance offers financial protection against unforeseen costs or losses. Generally, it pays for emergency medical care, accidental death, lost or stolen property, and interrupted or canceled trips.
- October 2023: Munich Re, a globally recognized reinsurance business, has partnered with International SOS, a globally recognized leader in health and security, to develop an integrated policy solution for managing pandemics and epidemics. International SOS is currently providing health advising services to Munich Re customers who are impacted by the pandemic as a consequence of the two organizations' recent partnership.
- December 2023: Advancement surface management (APM) and penetration testing services company NetSPI, along with Chubb, have formed a strategic alliance. A news release from Chubb states that NetSPI's adaptable solutions are made to satisfy the demands of companies in a range of sectors and sizes. Clients benefit from this partnership's guarantee that they can spot risks, security flaws, and vulnerabilities before they become claims.
Market Opportunities and Challenges
The tourism business worldwide has had steady growth during the past ten years. Many nations are becoming popular destinations for travelers, especially millennials. The tourism sector has expanded due to factors such as increased package holidays, disposable income, widespread media coverage of many holiday options, and simple online travel bookings. To pursue programs and additional education abroad, a growing number of students are also doing so. Around the world students are drawn to these institutions and colleges by their scholarship programs. More reports of misplaced luggage, medical problems, natural disasters, and important documents are coming in as the tourism business grows.
A lack of knowledge regarding travel insurance coverages and premium costs is impeding the market's growth. The entire sum assured, pre-existing medical conditions, the insured's age, and the frequency of travel are some of the variables that might affect the premium price that a traveler pays for both domestic and international travel insurance. One of the biggest obstacles to the country's travel insurance market's expansion is overcoming regulatory obstacles. It is a difficult and costly undertaking for insurance companies to comply with different requirements in different areas and countries. Changes or uncertainty in the regulatory environment may also create barriers for new competitors, limiting their market share and inhibiting their ability to innovate.
Market Competitive Landscape
In addition to a comparative assessment based on their product offerings, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis, the report provides the necessary analysis of the major organizations/companies operating in the UK travel insurance market. The study offers a comprehensive analysis that centers on the firms' recent news and developments, encompassing product development, innovations, partnerships, joint ventures, mergers and acquisitions, strategic alliances, and other related aspects. This makes it possible to assess how competitive the market is overall. Allianz, American International Group, Inc., AXA, ASSICURAZIONI GENERALI S.P.A., Aviva, AllClear, ABTA, Chubb, Europ Assistance, KBC Group are a few of the top companies in the sector.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Type, By Application, By Type of Travel, By Distribution Channel
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| Regions covered | Central Region, East Region, North Region, South Region, West Region
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| Companies Covered | Allianz, American International Group, Inc., AXA, ASSICURAZIONI GENERALI S.P.A., Aviva, AllClear, ABTA, Chubb, Europ Assistance, KBC Group.
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COVID-19 Impact on United Kingdom Travel Insurance Market
COVID-19 will put a great deal of strain on travel insurers because medical and cancellation claims, which made up over 90% of all claims paid out in 2019, continue to be a problem for the sector. With the pandemic coming, the economy's ability to recover will have a significant impact on the travel insurance business. The withdrawal of the European Health Insurance Card (EHIC) at the end of 2020 will alter consumer behavior, and the Financial Conduct Authority's (FCA) new guidelines on signposting for customers with pre-existing medical conditions (PEMCs) will also play a role. Travel insurance companies will be financially strained in the near future; some flights have restarted, but there is still interruption.
Key Target Audience:
- Frequent travelers
- Families
- Elderly travelers
- Adventure travelers
- Luxury travelers
- Cruise travelers
- Business travelers
- People with pre-existing medical conditions
- People traveling to high-risk destinations
Our in-depth analysis of the United Kingdom Travel Insurance Market includes the following segments:
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By Type:
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Medical Expenses
Trip Cancellation
Trip Delay
Property Damage
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By Application:
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Domestics Travel
International Travel
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By Type Of Travel:
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Business Travel
Leisure Travel
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By Distribution Channel:
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Direct Sales
Indirect Sales
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Key Topics Covered in the Report:
- United Kingdom Travel Insurance Market Size (FY’2024-FY’2033)
- Overview of United Kingdom Travel Insurance Market
- Segmentation of United Kingdom Travel Insurance Market By Type (Medical Expenses, Trip Cancellation, Trip Delay, Property Damage)
- Segmentation of United Kingdom Travel Insurance Market By Application (Domestics Travel, International Travel)
- Segmentation of United Kingdom Travel Insurance Market By Type Of Travel (Business Travel, Leisure Travel)
- Segmentation of United Kingdom Travel Insurance Market By Distribution Channel (Direct Sales, Indirect Sales)
- Statistical Snap of United Kingdom Travel Insurance Market
- Expansion Analysis of United Kingdom Travel Insurance Market
- Problems and Obstacles in United Kingdom Travel Insurance Market
- Competitive Landscape in the United Kingdom Travel Insurance Market
- Impact of COVID-19 and Demonetization on United Kingdom Travel Insurance Market
- Details on Current Investment in United Kingdom Travel Insurance Market
- Competitive Analysis of United Kingdom Travel Insurance Market
- Prominent Players in the United Kingdom Travel Insurance Market
- SWOT Analysis of United Kingdom Travel Insurance Market
- United Kingdom Travel Insurance Market Future Outlook and Projections (FY’2024-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the United Kingdom Travel Insurance Market.
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. United Kingdom Travel Insurance Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United Kingdom Travel Insurance Market
7. United Kingdom Travel Insurance Market, By Type (USD Million) 2020-2033
7.1. United Kingdom Travel Insurance Market Size, Share and Forecast, By Type, 2020-2026
7.2. United Kingdom Travel Insurance Market Size, Share and Forecast, By Type, 2027-2033
7.3. Medical Expenses
7.4. Trip Cancellation
7.5. Trip Delay
7.6. Property Damage
8. United Kingdom Travel Insurance Market, By Application (USD Million) 2020-2033
8.1. United Kingdom Travel Insurance Market Size, Share and Forecast, By Application, 2020-2026
8.2. United Kingdom Travel Insurance Market Size, Share and Forecast, By Application, 2027-2033
8.3. Domestics Travel
8.4. International Travel
9. United Kingdom Travel Insurance Market, By Type Of Travel (USD Million) 2020-2033
9.1. United Kingdom Travel Insurance Market Size, Share and Forecast, By Type Of Travel, 2020-2026
9.2. Global United Kingdom Travel Insurance Market Size, Share and Forecast, By Type Of Travel, 2027-2033
9.3. Business Travel
9.4. Leisure Travel
10. United Kingdom Travel Insurance Market, By Distribution Channel (USD Million) 2020-2033
10.1. United Kingdom Travel Insurance Market Size, Share and Forecast, By Distribution Channel, 2020-2026
10.2. United Kingdom Travel Insurance Market Size, Share and Forecast, By Distribution Channel, 2027-2033
10.3. Direct Sales
10.4. Indirect Sales
11. United Kingdom Travel Insurance Market Forecast, 2020-2033 (USD Million)
11.1. United Kingdom Travel Insurance Market Size and Market Share
12. United Kingdom Travel Insurance Market, By Region, 2020-2033 (USD Million)
12.1. United Kingdom Travel Insurance Market Size and Market Share By Region (2020-2026)
12.2. United Kingdom Travel Insurance Market Size and Market Share By Region (2027-2033)
12.3. Central Region
12.4. East Region
12.5. North Region
12.6. South Region
12.7. West Region
13. Company Profile
13.1. Allianz
13.1.1. Company details
13.1.2. Financial outlook
13.1.3. Product summary
13.1.4. Recent developments
13.2. American International Group, Inc.
13.2.1. Company details
13.2.2. Financial outlook
13.2.3. Product summary
13.2.4. Recent developments
13.3. AXA
13.3.1. Company details
13.3.2. Financial outlook
13.3.3. Product summary
13.3.4. Recent developments
13.4. ASSICURAZIONI GENERALI S.P.A.
13.4.1. Company details
13.4.2. Financial outlook
13.4.3. Product summary
13.4.4. Recent developments
13.5. Aviva
13.5.1. Company details
13.5.2. Financial outlook
13.5.3. Product summary
13.5.4. Recent developments
13.6. AllClear
13.6.1. Company details
13.6.2. Financial outlook
13.6.3. Product summary
13.6.4. Recent developments
13.7. ABTA
13.7.1. Company details
13.7.2. Financial outlook
13.7.3. Product summary
13.7.4. Recent developments
13.8. Chubb
13.8.1. Company details
13.8.2. Financial outlook
13.8.3. Product summary
13.8.4. Recent developments
13.9. Europ Assistance
13.9.1. Company details
13.9.2. Financial outlook
13.9.3. Product summary
13.9.4. Recent developments
13.10. Others
14. Conclusion
15. List of Abbreviations
16. Reference Links