UK TRAVEL INSURANCE MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)


UK Travel Insurance Market Analysis:

The UK Travel Insurance Market is anticipated to experience growth in terms of gross written premiums value, from EUR 523 million in 2023 to EUR 668.40 million by 2028, at a Compound Annual Growth Rate (CAGR) of 5.03% during the forecast period (2023–2028).

The primary driver of the UK Travel Insurance Market is the increasing percentage of millennial travelers who seek to explore the world and have unique experiences. The UK travel insurance market is considered to be either the most developed or one of the most developed markets in Europe.

The COVID-19 pandemic had an unforeseeable and unexpected impact on global economies, people’s lives, communities, and livelihoods, with the risk of layoffs and global recession at an all-time high. The travel and tourist industry also experienced severe economic slowdowns due to harsh travel restrictions and quarantine regulations worldwide. However, the market gained traction in 2021 after the gradual relaxation of the imposed lockdowns.

Leisure travel is gaining momentum in the UK due to increasing disposable income, millennials’ interest in exploring new places or cultures, and the need to break from stressful work life. Direct sales have dominated the market due to direct channels like the Internet, which offers different websites for customers to compare prices and benefits covered in a travel insurance policy.

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

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