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.


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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:

    • Railway
    • Bus
    • Aviation
  • 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).
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1.     Overview

2.    Research Methodology

3.    Executive Summary

4.    Impact of COVID-19 on United Kingdom Travel Insurance Market

5.    Voice of Customers

6.    United Kingdom Travel Insurance Market Outlook

6.1.  Market Size & Forecast

6.1.1.     By Value

6.2.  Market Share & Forecast

6.2.1. By Type (Railway, Bus, Aviation)

6.2.2. By Source (Bank; Non-Banking Financial Company (NBFC))

6.2.3. By Insurance Cover (Single Trip, Annual Multi-Trip and Long Stay)

6.2.4. By User (Senior citizens, Education Travelers, Backpackers, Business Travelers, Family Travelers, and Fully independent Travelers)

6.2.5. By Location (Intracity, Intercity and International)

6.2.6. By Region (England, Scotland, Wales, Northern Ireland)

6.2.7. By Company (2021)

6.3.  Market Map (By Type, By Source, By Insurance Cover, By User, By Location, By Region)

7.    England Travel Insurance Market Outlook

7.1.  Market Size & Forecast

7.1.1.     By Value

7.2.  Market Share & Forecast

7.2.1.     By Source

7.2.2.     By Insurance Cover

7.2.3.     By User

8.    Scotland Travel Insurance Market Outlook

8.1.  Market Size & Forecast

8.1.1.     By Value

8.2.  Market Share & Forecast

8.2.1.     By Source

8.2.2.     By Insurance Cover

8.2.3.     By User

9.    Wales Travel Insurance Market Outlook

9.1.  Market Size & Forecast

9.1.1.     By Value

9.2.  Market Share & Forecast

9.2.1.     By Source

9.2.2.     By Insurance Cover

9.2.3.     By User

10.  Northern Ireland Travel Insurance Market Outlook

10.1.                Market Size & Forecast

10.1.1.  By Value

10.2.                Market Share & Forecast

10.2.1.  By Source

10.2.2.  By Insurance Cover

10.2.3.  By User

11.  Market Dynamics

11.1.  Drivers

11.2.  Challenges

12.  Market Trends & Developments

13.  Policy & Regulatory Landscape

14.  United Kingdom Economic Profile

15.  Competitive Landscape

15.1.    Company Profiles

15.1.1.  Munich Re

15.1.2.  AXA UK Plc

15.1.3.  U K Insurance Limited

15.1.4.  Aviva

15.1.5.  Sainsbury's Bank plc

15.1.6.  Saga Plc

15.1.7.  Staysure Travel Insurance

15.1.8.  Lloyds Bank plc

15.1.9.  Virgin Money UK PLC

16. Strategic Recommendations

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