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The UK travel insurance sector reported a decline in performance in 2015 compared to the previous year and remains a fiercely competitive space, with insurers struggling to increase profitability. The competitor landscape sits in a reasonably top-heavy state, with the top five insurers alone accounting for two thirds of gross written premiums (GWP). However, performance within this group and the market in general has been sluggish, with the market seeing consistent decline since 2013 as various players' books have grown and contracted.
- The top 10 insurers accounted for 80% of the total market in 2015.
- AXA is the largest travel insurer with 22% of the market.
- Seven of the top 10 travel insurers reported a GWP decrease in 2015.
- ACE European Group, Direct Line Group, and Aviva achieved notable market share increases.
Verdict Financial's "UK Travel Insurance: Competitor Dynamics 2016" provides an analysis of the competitive landscape within the UK travel insurance market, covering the GWP progression of the major travel insurance underwriters between 2012 and 2015. It also examines recent developments that have impacted these companies and the overall travel insurance industry.
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- Direct Line Group
- Munich RE