A new report from global market research company Research and Markets entitled UK Travel Insurance: Competitor Dynamics 2016 has found that in 2015, the UK travel insurance sector experienced a decline in performance compared with 2014. Insurers have reportedly struggled with increasing profitability due to fierce competition in the arena.
According to the report, which analyses the competitive landscape within the UK travel insurance market and examines recent developments that have impacted major travel insurance underwriters and the overall travel insurance industry, the top five insurers account for two thirds of gross written premiums (GWP). However, Research and Markets says that performance within this group and the market in general has been ‘sluggish’ and the market has seen consistent decline since 2013.
The report also found that AXA is the largest travel insurer, accounting for 22 per cent of the market, seven of the top 10 travel insurers reported a GWP decrease in 2015, and ACE European Group, Direct Line Group, and Aviva achieved notable market share increases.
Research and Markets is encouraging insurers to purchase the full report in order to benchmark themselves against other players in the market and adapt their proposition to gain competitor advantage.