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市場調査レポート
英国の旅行保険業：2009年
UK Travel Insurance 2009
| 発行 |
Datamonitor |
| 出版日 |
2009年09月 |
商品コード |
100181 |
| ページ情報 |
英文 58 pages |
| 価格 |
|
|
Abstract
Introduction
This report is an invaluable source of information on the UK travel insurance
market. It provides unique market size information and discusses the main
challenges and trends facing travel insurance providers. It also analyses
which underwriters are leading the way in this market and forecasts what the
future holds for the sector over the next four years.
Scope of this research
- GWP forecasts to 2013, based on Datamonitor' s in-house expertise and
proprietary model.
- Insight into the main competitive developments taking place in the UK
travel insurance market.
- A detailed analysis of the marketing spend of the top 10 UK travel
insurance advertisers.
Research and analysis highlights
The number of visits abroad by UK residents decreased by 16.6% between Q1 2008
and Q1 2009, from 18.2 million to 15.2 million. This is considerably different
to trends in previous years, which have witnessed consistent growth in the
first quarter of each year.
In 2008, advertising expenditure continued to increase in the travel insurance
market to £7.7m, which can be attributed to competitors increasing their
spending on outdoor advertising. Spending on outdoor advertising displayed
significant growth in 2008, with spending on this type of media increasing by
307.3% to £1.3m.
The travel insurance market witnessed a small improvement in its gross loss
ratio, which reduced by 0.7 percentage points from 65.4% to 64.7%. Growth in
premium income was the main driver of this improvement, which grew by a larger
proportion than claims incurred.
Key reasons to purchase this research
- Plan your future travel insurance strategy using Datamonitor' s market size
forecasts.
- Gain an understanding of changing consumer attitudes and behaviors amid
the downturn in order to determine appropriate recessionary strategies.
- Benchmark your travel insurance business against the competition.
Table of Contents
OVERVIEW
EXECUTIVE SUMMARY
- The recession has changed consumer attitudes towards travel, resulting in
a negative impact on premiums
- The travel insurance market grew to £763m in 2008
- Consumers have reduced their number of trips abroad due to a tougher
economic climate
- The level of detected fraud has increased in the UK travel insurance
market
- Travel insurance providers spent £3m on advertising in the first
half of 2009
- Marketing and advertising increased to £7.7m in 2008 but fell in
the first half of 2009
- Direct mail continued to be the dominant form of advertising in H1 2009
- The overall number of visits abroad has fallen but consumers have
increased their travel to non-European destinations
- The number of visits abroad fell to 69 million in 2008
- The number of visits abroad fell by 16.6% from Q1 2008 to Q1 2009
- A decrease in annual policy sales and strong competition will lead to
slower growth in GWP
- Sales of annual policies are forecast to fall in 2009, constraining
premium income growth
- Rates are expected to rise in the market, though strong competition will
limit the level of growth achieved
MARKET CONTEXT
- Introduction
- The recession has changed consumer attitudes towards travel, placing an
impact on premiums
- Consumers have reduced their number of trips abroad due to a tougher
economic climate
- Recessionary product innovation and marketing is evident in the travel
insurance market
- Aggregators are driving price competition in the market but have lost
their appeal among insurers
- The level of detected fraud has increased in the UK travel insurance
market
- Travel insurance GWP is estimated to have grown in 2008 despite the
recession
- The travel insurance market grew to £763m in 2008
- The proportion of premium income generated from annual policies grew in
2008
- Annual travel insurance premium rates fell significantly in 2008, while
single trip prices rose
- The number of travel insurance policies sold increased by 10.6% in 2008
- The market was profitable in 2008, though claims inflation continued to
grow claims costs
- The gross loss ratio in the travel insurance market improved in 2008
- Claims costs increased despite improving claims frequency
- The average cost of a travel insurance claim increased significantly in
2008
- Medical expenses continued to constitute the largest cost to the industry
- The FSA began regulating travel agencies and airlines selling travel
insurance alongside bookings
- Five authorized firms have been created since January 2009
- The FSA has begun scrutinizing the practice of pre-ticked travel
insurance by travel firms and airlines
- Insurers have voiced concern over the Equality Bill
CUSTOMER FOCUS
- Introduction
- The overall number of visits abroad has fallen but consumers have
increased their travel to non-European destinations
- The number of visits abroad fell to 69 million in 2008
- The number of visits abroad fell by 16.6% from Q1 2008 to Q1 2009
- More consumers are visiting Asian, Latin American and African countries
- Business related travel abroad declined by 1.1% in 2008
- The number of holidays taken abroad by UK residents only rose by 0.2% in
2008
- Travel insurance providers spent £3m on advertising in the first
half of 2009
- Marketing and advertising increased by 2% to £7.7m in 2008 but
fell in the first half of 2009
- Direct mail continued to be the dominant form of advertising in H1 2009
- The top 10 travel advertisers collectively spent £2.5m on
advertising their products in H1 2009
- The Post Office significantly increased its advertising spend on travel
insurance products in 2008
COMPETITIVE DYNAMICS
- Introduction
- Corporate partnerships remain a key element of travel insurance
distribution in 2009
- AXA secured two travel related partnerships in 2009
- Mondial Assistance secured a partnership with Expedia.com
- FirstAssist partnered with Confused.com
- Liverpool Victoria and the Nationwide Building Society entered a new
partnership in 2008
- Product innovation continues to be a key competitive strategy among travel
insurance providers
- Equity has launched travel insurance products tailored to travelers
diagnosed with cancer
- LV= launched a new travel insurance policy in May 2008
- Groupama launched a new travel insurance policy for SMEs in January 2008
- Insure and Go has launched a green insurance policy that includes carbon
offsets
- AXA, Aviva, RBS, Fortis and AIG are the top 5 players in the UK travel
insurance market
- AXA is the clear market leader in UK travel insurance
- Aviva and RBS have a strong hold over the number 2 and 3 positions in
the market
- Munich Re, AIG, Groupama, and BUPA reported growth in their premium
income in 2008
FUTURE DECODED
- A decrease in annual policy sales and strong competition will lead to
slower growth in GWP
- Sales of annual policies are forecast to fall in 2009, constraining
premium income growth
- Rates are expected to rise in the market, though strong competition will
limit the level of growth achieved
- The UK travel insurance market is forecast to reach £847m in GWP by
2013
- GWP is forecast to contract to £747m in 2009 due to the recession
reducing the number of trips abroad
- The market will grow to £847m in GWP by 2013
APPENDIX
- Definitions
- Brokers
- Bancassurers
- Brandassurers
- Gross written premiums
- Geographical areas
- Research methodology
- Primary research
- Market context
- Customer focus
- Further reading
- Ask the analyst
- Datamonitor consulting
- Disclaimer
TABLES
- Table: Travel insurance repudiation rates by volume and value, 2006 - 08
(%)
- Table: GWP in the travel insurance market, 2004 - 08 (£000s)
- Table: UK travel insurance GWP split by policy type, 2004 - 08 (%)
- Table: UK travel insurance premium rates, 2004 - 08 (£)
- Table: Number of travel insurance policies written, 2004 - 08 (000s)
- Table: Gross loss ratios by line of business, 2004 - 08 (%)
- Table: UK travel insurance claims volume, costs and frequency 2004 - 08
- Table: UK travel insurance claims by peril 2004 - 08
- Table: Number of visits abroad by UK residents, 2004 - 08 (000s)
- Table: Number of visits abroad by UK residents by quarter, 2006 - Q1 09
(000s)
- Table: UK residents' visits abroad by destination, 2004 - 08 (000s)
- Table: UK residents' visits abroad by reason for travel, 2004 - 08 (000s)
- Table: Total number of holidays by UK residents, 2004 - 08 (000s)
- Table: UK travel insurance advertising spend, 2004 - H1 2009 (£)
- Table: Top 10 UK travel insurance advertisers by medium, H1 2009 (£)
- Table: Top 10 UK travel insurance advertisers, 2006 - H1 2009 (£)
- Table: Top 10 UK travel insurers by GWP, 2008 (£000s)
- Table: Top 10 UK travel insurers by market share, 2008 (%)
- Table: Key variables affecting travel insurance GWP, 2009 - 13
- Table: UK travel insurance GWP, 2004 - 13f, (£000s)
- Table: UK travel insurance competitors by premium income, 2005 - 08
(£000s)
- Table: Relationships between travel underwriters and major tour operators,
2009
- Table: Relationships between travel underwriters and online travel agents,
2009
- Table: Relationships between travel underwriters and low cost airlines,
2009
- Table: Relationships between travel underwriters and banks and building
societies, 2009
- Table: Relationships between travel underwriters and selected
brandassurers, 2009
FIGURES
- Figure: The number of visits abroad by UK residents has been falling
steadily since 2006
- Figure: Financial failure cover will be appealing to consumers travelling
in a recession
- Figure: Travel insurance repudiation rates have increased by value
significantly in 2008
- Figure: GWP reached £763m in the UK travel insurance market in 2008
- Figure: The proportion of GWP derived from annual travel policies grew in
2008
- Figure: Travel insurance premium rates have decreased significantly over
the last five years
- Figure: The number of travel insurance policies sold in 2008 increased to
23.2m
- Figure: The gross loss ratio in the travel insurance market improved in
2008
- Figure: Claims inflation drove claims costs up in 2008
- Figure: Medical expenses constituted the largest cost to the travel
insurance industry in 2008
- Figure: The number of visits abroad by UK residents has been falling
steadily since 2006
- Figure: The number of visits abroad declined significantly between Q1 2008
and Q1 2009
- Figure: Visits to Australia by UK residents declined in 2008
- Figure: Business related visits abroad have decreased among UK residents
in 2008
- Figure: Visits abroad remained relatively static in 2008
- Figure: Spending on outdoor advertising has increased significantly since
2007
- Figure: Direct mail accounted for more than half the total advertising
spend on travel insurance products in H1 2009
- Figure: Saga spent the most on advertising in the travel insurance market
in H1 2009
- Figure: Equity launched Insureblue which offers tailored travel products
to consumers in the UK who have been diagnosed with testicular and prostate
cancers
- Figure: AXA held the largest share in the UK travel insurance market
- Figure: Travel insurance GWP is forecast to contract in 2009 before
growing again thereafter
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