United Kingdom Travel Insurance Market to grow at a Significant Rate till 2027
Increase in national and
international travel of businesses and rise in use of digital distribution
channel are expected to drive the demand for the United Kingdom travel
insurance market over the forecast period, 2023-2027.
According to TechSci Research report, “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. 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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in-depth TOC on "United Kingdom Travel Insurance Market”.
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 cover, the market is divided into 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 the travellers.
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 of 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 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 the consumers by writing informative blogs and
articles about the advantages of availing of travel insurance and providing the
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 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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