Compared with 2019, 2021 has seen a significant decline in the number of overseas travel trips taken, with the duration of trips also shortening. Despite this, ownership of multi-trip insurance held up well: in 2021, 22% of all consumers owned multi-trip travel insurance, compared with 25% in 2021. This relatively small decline, however, reflects the continued coverage of travel insurance in packaged bank accounts. Fewer policyholders in 2021 owned multi-trip cover via standalone policies compared with 2019, while the percentage owning via packaged bank accounts increased. This suggests passive ownership – i.e., ownership not directly related to taking a trip aboard – increased in 2021 compared with 2019.
While multi-trip insurance ownership held up reasonably well, ownership of single trip insurance declined very significantly. In 2019, single trip insurance was owned by 40% of all consumers over the previous year. In 2021, this had declined to just 15%.
This report (64pp) and the detailed dataset of all survey results with a demographic analysis is available directly from IRN Research,