The United Kingdom
travel insurance market is anticipated to witness a steady CAGR in the forecast
period, 2023-2027. Factors such as the surge in the percentage of millennial
travelers who wish to travel to the world and the flourishing United Kingdom travel
and tourism industry primarily drive the demand for the United Kingdom travel
insurance market. Travel insurance is gaining popularity among consumers as
they help them prepare in advance for unpredictable events that can adversely
affect their travel. The low cost of travel insurance policies and the efforts
by market players to club them with air or train or ship tickets boosts the
market growth. Also, the supportive government policies and the relaxations in
traveling policies post-COVID-19 are further expected to contribute to the
United Kingdom travel insurance market growth over the forecast period.
Growing Travel & Tourism
Industry Drives the Market Growth
United Kingdom travel &
tourism industry comprises different kinds of enterprises, including services
for visitors, food and beverage servicing activities, transport equipment
rental, sports and recreational activities, accommodation services for
travelers, and travel agencies. According to the data published by Office for
National Statistics (ONS), in 2018, tourism industries contributed £127.5 billion to the United Kingdom’s
economy, which was 6.7% of all the gross value added in the United Kingdom. The
United Kingdom is one of the most popular tourist destinations across the globe
and offers endless possibilities to tourists to enjoy to their fullest and
visit again. Some of the most popular tourist attractions in the United Kingdom
are The Windsor Great Park, The British Museum, The Roman Baths and Georgian
City of Bath, Tower of London, Stonehenge, National Gallery, Tate Modern, Royal
Botanic Gardens, and Kew, among others. The government spends significant
amounts to keep these popular destinations clean and equipped with modern
facilities to provide them with world-class hospitality. The rise in the
popularity of tourist destinations among domestic and international travelers
and the growing awareness about the benefits of availing of travel insurance
among consumers is expected to bolster the United Kingdom travel insurance
market growth over the next five years.
Favorable Government Policies
Drives the Market Growth
The outbreak of COVID-19
negatively affected the travel and tourism industry growth. The government
calculated that it spent approximately £25 billion in Covid-related economic
support, which comprised £5 billion from bounceback loans, £12 billion from the
coronavirus job retention scheme, and £2.5 billion from the temporary cut in
VAT for hospitality, accommodation, and attractions. The government launched A
£10 million Kick-Starting Tourism package to support the growth of industries
which majorly dependent on the travel & tourism industry. Also, the
government intends to launch a new rail pass to ease the traveling for domestic
tourists and a £10 million voucher scheme via the National Lottery scheme.
Heavy support from the government to develop and boost the travel & tourism
industry is expected to act as a positive factor for the travel insurance
market players. The rise in the footfall of tourists visiting the United Kingdom
annually and the easy availability of travel insurance policies are expected to
fuel the United Kingdom travel insurance market over the forecast period.
Download Free Sample Report
Market Segmentation
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.
Based on source, the market is divided into bank and non-banking financial
company (NBFC)). Based on insurance cover, the market is divided
into single trip, annual multi-trip and long stay. Based on user, the market is
divided into senior citizens, education travelers, backpackers, business
travelers, family travelers, and fully independent travelers. Based on
location, the market is divided into intracity, intercity and international. The
United Kingdom travel insurance market is studied in major regions namely England,
Scotland, Wales, Northern Ireland.
Market Players
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, are the major market players operating
in the United Kingdom travel insurance market.
|
Attribute
|
Details
|
|
Base Year
|
2021
|
|
Historic Data
|
2017 – 2020
|
|
Estimated Year
|
2022
|
|
Forecast Period
|
2023 – 2027
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2017-2021 and 2022-2027
|
|
Report coverage
|
Revenue forecast, company share, competitive landscape, growth
factors, and trends
|
|
Segments covered
|
·
Type
·
Source
·
Insurance
Cover
·
User
·
Location
|
|
Regional scope
|
England, Scotland, Wales, Northern Ireland
|
|
Key companies profiled
|
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
|
|
Customization scope
|
10% free report customization with purchase. Addition or
alteration to regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF and Excel through Email (We can also provide the editable
version of the report in PPT/Word format on special request)
|
Report Scope:
In this report, United Kingdom travel
insurance market has been segmented into following categories, in addition to
the industry trends which have also been detailed below:
·
United Kingdom Travel Insurance
Market, By Type:
- United Kingdom Travel Insurance Market, By Source:
- Bank
- Non-Banking Financial Company (NBFC)
- United Kingdom Travel Insurance Market, By Insurance
Cover:
- Single Trip
- Annual Multi-Trip
- Long Stay
- United Kingdom Travel Insurance Market, By User:
- Senior
citizens
- Education
Travelers
- Backpackers
- Business
Travelers
- Family
Travelers
- Fully
independent Travelers
- United Kingdom Travel Insurance Market, By
Location:
- Intracity
- Intercity
- International
- United Kingdom Travel Insurance Market, By Region:
- England
- Scotland
- Wales
- Northern Ireland
Competitive Landscape
Company
Profiles: Detailed
analysis of the major companies present in United Kingdom travel insurance
market.
Available Customizations:
With the given market data, TechSci
Research offers customizations according to a company’s specific needs. The
following customization options are available for the report:
Company Information
- Detailed analysis and profiling of additional market players (up to
five).
United Kingdom travel
insurance market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at sales@techsciresearch.com
In case you don’t find what you are looking for, please get in touch with our custom research team at sales@techsciresearch.com