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UK Travel Insurance Market Size (2024 - 2029)

The UK travel insurance market is anticipated to experience growth in its market size over the forecast period, driven by the increasing need for financial protection against travel-related risks. This market expansion is influenced by the country's status as a popular tourist destination, offering a wide range of attractions and services that attract both domestic and international travelers. The market's recovery and growth trajectory have been impacted by the COVID-19 pandemic, which led to significant disruptions in the travel and tourism sector. As travel restrictions ease, the demand for travel insurance, particularly for medical coverage, is expected to rise, reflecting the evolving needs of global travelers.

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Market Size of UK Travel Insurance Industry

UK Travel Insurance Market Summary
Study Period 2020 - 2029
Base Year For Estimation 2023
Market Size (2024) USD 549.34 Million EUR
Market Size (2029) USD 702.02 Million EUR
CAGR (2024 - 2029) 5.03 %
Market Concentration Medium

Major Players

UK Travel Insurance Market Major Players

*Disclaimer: Major Players sorted in no particular order

UK Travel Insurance Market Analysis

The UK Travel Insurance Market size in terms of gross written premiums value is expected to grow from EUR 549.34 million in 2024 to EUR 702.02 million by 2029, at a CAGR of 5.03% during the forecast period (2024-2029).

Travel insurance is a form of financial protection that can cover expenses or damages incurred while traveling domestically or internationally, such as damage to or theft of property, medical treatment in the event of an accident, and travel cancellations and interruptions. The UK is a highly sought-after tourist destination, with a variety of businesses in the tourism and travel industry, including tourism services, food and beverage servicing, rental of transportation equipment, sports and leisure activities, travel accommodation, and travel agencies. The country is home to some of the world's most renowned tourist attractions, such as the Windsor Great Park in the UK, the British Museum, the Roman Baths in the UK, and Stonehenge in the UK.

The COVID-19 pandemic brought the world to a halt, with unforeseeable and unexpected implications affecting global economies, people’s lives, communities, and livelihoods, too, and the risk of layoffs and global recession was at an all-time high. The travel and tourism industry has also endured severe economic slowdowns due to harsh travel restrictions and quarantine regulations worldwide. The market gained traction in 2021 after the gradual relaxation of the lockdowns imposed.

Medical expenses are likely to dominate the UK travel insurance as global travelers are often exposed to foreign bacteria, unfamiliar foods, and side effects of jet lag –all of these may lead to health concerns. Besides, exploring unfamiliar territory may cause accidents resulting in injury without warning and demands for travel insurance, which recover health conditions.

UK Travel Insurance Industry Segmentation

The report offers a complete background analysis of the travel insurance market, which includes an assessment of the emerging market trends by segments, significant changes in the market dynamics, and the market overview. The Travel insurance market is segmented by type (single-trip travel insurance and annual multi-trip travel insurance), by distribution channel (insurance companies, insurance intermediaries, banks, insurance brokers, and other distribution channels), by end-user (senior citizens, education travelers, business travelers, family travelers, and other end users).

By Type
Single-Trip Travel Insurance
Annual Multi-Trip Travel Insurance
By Distribution Channel
Insurance Companies
Insurance Intermediaries
Banks
Insurance Brokers
Others
By End User
Senior Citizens
Education Travelers
Family Travelers
Others
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UK Travel Insurance Market Size Summary

The UK travel insurance market is poised for significant growth over the forecast period, driven by the increasing demand for financial protection against travel-related risks. As a popular tourist destination, the UK attracts a diverse range of travelers, contributing to the robust tourism and travel industry. This sector encompasses various services, including accommodation, transportation, and leisure activities, all of which are integral to the travel experience. The market's expansion is further supported by the rising middle class in the UK, who are increasingly engaging in both economic and luxury travel. Additionally, the influx of international travelers to the UK, particularly from countries like the United States, Australia, and New Zealand, is expected to bolster the demand for travel insurance. The industry's recovery post-COVID-19, marked by the easing of travel restrictions, has also played a crucial role in revitalizing the market.

The travel insurance market in the UK is characterized by its fragmented nature, with numerous international players such as Chubb, Allianz, Saga PLC, Munich RE, and Aviva. The pandemic has underscored the importance of travel insurance, as travelers now recognize the potential for trip cancellations, medical emergencies, and other unforeseen events. This shift in consumer sentiment has made travel insurance a necessary purchase, alleviating concerns over financial losses due to unexpected circumstances. The market is expected to benefit from strategic partnerships and collaborations among key players, such as Munich RE's alliance with International SOS and Chubb's partnership with NetSPI, which aim to enhance policy offerings and address emerging risks. As travel continues to rebound, the market is anticipated to experience organic and long-term growth, with some countries making travel insurance mandatory for visitors.

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UK Travel Insurance Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Population Growth and the Emergence of Tourism are Driving the Market

      2. 1.2.2 The Positive Impact of Online Media

    3. 1.3 Market Restraints

      1. 1.3.1 Change in Regulatory Environment

      2. 1.3.2 Rising Technological Advancements are Difficult to Cope With

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

    5. 1.5 Insights into Technological Advancements in the Industry

    6. 1.6 Impact of COVID-19 on the Market

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Single-Trip Travel Insurance

      2. 2.1.2 Annual Multi-Trip Travel Insurance

    2. 2.2 By Distribution Channel

      1. 2.2.1 Insurance Companies

      2. 2.2.2 Insurance Intermediaries

      3. 2.2.3 Banks

      4. 2.2.4 Insurance Brokers

      5. 2.2.5 Others

    3. 2.3 By End User

      1. 2.3.1 Senior Citizens

      2. 2.3.2 Education Travelers

      3. 2.3.3 Family Travelers

      4. 2.3.4 Others

UK Travel Insurance Market Size FAQs

The UK Travel Insurance Market size is expected to reach EUR 549.34 million in 2024 and grow at a CAGR of 5.03% to reach EUR 702.02 million by 2029.

In 2024, the UK Travel Insurance Market size is expected to reach EUR 549.34 million.

UK Travel Insurance Market Report Snapshots

UK Travel Insurance Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)