An increase in national and international travel of businesses and a rise in the use of digital distribution channels are expected to drive the demand for the United Kingdom travel insurance market over the forecast period, 2023-2027. According to TechSci Research report, “The United Kingdom Travel Insurance Market By Type (Railway, Bus, Aviation), By Source (Bank; Non-Banking Financial Company (NBFC)), By Insurance Cover (Single Trip, Annual Multi-Trip and Long Stay), By User (Senior citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers, and Fully independent Travelers), By Location (Intracity, Intercity, and International), By Region, Competition Forecast Opportunities, 2027”, the United Kingdom travel insurance market is expected to witness significant growth in the forecast period, 2023-2027.
The Important Elements of the United Kingdom Travel Insurance Market
Travel insurance is a kind of insurance that travelers purchase to protect them from certain financial risks and losses that can protect them while traveling. It depends on the type of travel insurance and benefits that can be availed, and cover damage to rented equipment, personal property, personal effects coverage, trip cancellation or interruption coverage and accidental death or flight accident coverage, medical expense coverage, loss of travel documents, or loss of cash. Purchasing the insurance cover makes travelers feel safe and secure, enhancing their traveling experience. The United Kingdom travel insurance market is majorly driven by the adoption of advanced technologies and alternate sales channels by the market players. The emergence of online platforms has greatly helped the travel insurance industry to increase its penetration even in remote locations across the country, allowing customers to easily compare the prices and benefits of the insurance travel policy.
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The United Kingdom travel insurance market is segmented into type, source, insurance cover, user, location, regional distribution, and competitive landscape. Based on type, the market is divided into railway, bus, and aviation. Railway dominates the market and is expected to maintain its dominance over the next five years, 2023-2027. The railway system in Great Britain is among the oldest railway system worldwide. According to the International Union of Railways, the United Kingdom has the 17th largest railway network across the globe. People prefer to travel long distances via railways as it takes less time and money as compared to conventional traveling modes like a bus. There are chances of causalities during the injury, making consumers opt for travel insurance policies to ensure safety while traveling.
Based on insurance coverage, the market is divided into a single trip, annual multi-trip, and long stay. Annual multi-trip is expected to dominate the United Kingdom travel insurance market over the next five years. The constant change in travel restrictions imposed by the leading authorities and coverage of several trips in one insurance coverage is more economical and flexible for travelers.
Based on the user, the market is divided into senior citizens, education travelers, backpackers, business travelers, family travelers, and fully independent travelers. Fully independent travelers are gaining momentum in the United Kingdom owing to the rise in the expenditure capacity of consumers and the millennials showing interest in exploring new places to get a break from the stressful environment.
Based on location, the market is divided into intracity, intercity, and international. International locations are expected to capture the highest market share over the next five years as traveling to other countries is costly and usually involves the change of several public vehicles to reach the desired location. There are high chances of misplacing luggage during connected flights, loss of important documents and credentials like passports, medical expenses in cases of accidents, and pre-medical check-ups which can be covered under the travel insurance scheme. Travelers prefer to avail of travel insurance policies to protect themselves from any financial harm during the trip and make the journey more enjoyable and tension-free.
Major market players operating in the United Kingdom travel insurance market are:
- Munich Re
- AXA UK Plc
- U K Insurance Limited
- Aviva
- Sainsbury's Bank plc
- Saga Plc
- Staysure Travel Insurance
- Lloyds Bank plc
- Virgin Money UK PLC
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“Market players are adopting aggressive marketing strategies and online platforms to enhance their reach to more customers. The emergence of online platforms which offer travel insurance along with tickets for bus, train, and aviation services is expected to attract customers to invest in travel insurance policies. They are creating awareness among consumers by writing informative blogs and articles about the advantages of availing of travel insurance and providing insurance policies at affordable rates to customers. Development of advanced payment gateways, use of novel technologies to provide a customized experience to customers, and hiring of travel agents, online bots are expected to propel the United Kingdom travel insurance market growth till 2027” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“United Kingdom Travel Insurance Market By Type (Railway, Bus, Aviation), By Source (Bank; Non-Banking Financial Company (NBFC)), By Insurance Cover (Single Trip, Annual Multi-Trip and Long Stay), By User (Senior citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers, and Fully independent Travelers), By Location (Intracity, Intercity, and International), By Region, Competition Forecast Opportunities, 2027” has evaluated the future growth potential of the United Kingdom travel insurance market and provided statistics information on market size, shares, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of United Kingdom travel insurance market.
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