New Travel Insurance Report Launched
05 Aug 2019
35 million covered by travel insurance
34.6 million consumers (or 54% of all adults) have multi-trip travel insurance now or have had single trip insurance cover over the past year. Of these individuals, 29.1 million own standalone, separate travel insurance policies (i.e. they are not bundled into packaged bank accounts or other insurances). Single trip insurance (40% of consumers) is more popular than multi-trip insurance (25%). Adults with insurance are primarily those who have travelled abroad in the past year: 22% of adults who travelled abroad over the last year had no form of insurance.
Standalone Travel Insurance Premiums top £600m
Collectively, individuals owning standalone policies spent over £600 million on travel insurance premiums (gross written premiums) in 2018. The annual consumer travel insurance market for standalone, separate policies, as measured in terms of gross written premiums, has been in decline for the past few years.
Nine-in-ten Multi-trip Insurance Policyholders are repeat purchasers
Each year, around nine-in-ten policyholders start their customer journey from the stand point of already owning multi-trip, annual travel insurance. They are repeat customers, i.e. they are not buying multi-trip insurance for their first time (they are not First-Time Buyers – FTBs). Their customer journey decision is to switch or renew: most ultimately renew. Just over one-in-ten policyholders switched provider in the past year and around one-in-seven were FTBs, new to the market. Over seven-in-ten policyholders renewed with the provider they used for travel insurance in the previous year.
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