Travel Insurance in the UK, Key Trends and Opportunities to 2018
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Travel Insurance in the UK, Key Trends and Opportunities to 2018
Premium growth during the review period was subject to the downside forces of the UK’s deepest post-war recession.
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Travel Insurance in the UK, Key Trends and Opportunities to 2018
Summary Gross written premiums for travel insurance were valued at GBP724 million in 2012, and an estimated GBP742 million in 2013. Volatile premium growth was recorded during the review period (2008-2012), as demand was strongly influenced by the UK's recessionary economic backdrop limiting demand for overseas travel. The compound annual growth rate (CAGR) registered during the review period was more stable at -0.53%, however. UK residents made fewer trips abroad during the review period, with discretionary spending on holidays constrained by weak growth in earnings, employment uncertainty and rising travel costs, while businesses reduced budgets for corporate travel. A preference for domestic holidays induced a 12.5 million dip in the number of leisure and business trips abroad during the review period. Medical costs represented 56% of travel insurance claims in 2012, and, despite fewer overseas trips being made, costs relating to claims have risen sharply. The average medical claim totaled GBP900 in 2012, 50% higher than in 2004. The reported refusal of the European Health Insurance Card (EHIC) in hospitals in Spain, Greece and Cyprus added to insurers' cost burdens.
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Travel Insurance in the UK, Key Trends and Opportunities to 2018
Scope This report provides market analysis, information and insights into the UK travel insurance business It provides a global snapshot of market size It analyses drivers and the outlook for the market It provides information on distribution channels It covers deals, news and regulatory developments Get a detailed report at http://marketreportsstore.com/travel-insurance-in-the-uk-key-trends-and-opportunities-to-2018/# . (You can place the order by fax also)
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Travel Insurance in the UK, Key Trends and Opportunities to 2018
Reasons To Buy Gain an understanding of the UK travel insurance market size Learn about the performance of market drivers and distribution channels Understand the competitive landscape in terms of performance, profitability and product innovation Find out more on key deals and recent developments in the market
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