It is estimated that the United Kingdom Travel Insurance Market is expected to experience an increasing CAGR over the period 2023-2027. Factors like the increase in the proportion of millennials who want to travel around the world and the growing United Kingdom travel and tourism sector increase consumer insurance in the United Kingdom Travel Insurance Market. Insurance for travel is growing in popularity for consumers since they assist to prepare for the possibility of unexpected events that could adversely impact their travel. Here, we will discuss the United Kingdom Travel Insurance Market Forecast, share, size, and Growth for 2022- 2027.
The cost-effectiveness of insurance policies for travel and the effort of market players to combine them with ship tickets, or train tickets, boosts the growth of the market. Additionally, the favorable government policies and relaxations of the travel policy post-COVID-19 are anticipated to boost increasing the United Kingdom travel insurance market expansion over the next few years.
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The booming Travel & Tourism Industry Drives the Growth of the Market
United Kingdom's travel & tourism industry is comprised of a variety of businesses, such as catering services for guests as well as food and beverage service activities, transportation equipment rental as well as sports and leisure activities, lodging services for travelers, as well as travel agents. According to data released by the Office for National Statistics (ONS) in the year 2018, the tourism industry made up PS127.5 million to the UK's economy which is 6.7 percent of the value added by the United Kingdom. The United Kingdom is one of the most sought-after tourist destinations in the world and offers a myriad of options for visitors to experience to their greatest extent and to return. Some of the most sought-after tourist destinations within the United Kingdom are The Windsor Great Park, The British Museum, The Roman Baths and Georgian City of Bath, the Tower of London, Stonehenge, the National Gallery, Tate Modern, Royal Botanic Gardens, and Kew among other places. The government allocates substantial funds to keep these places clean and well-equipped with modern facilities that offer them world-class service. The increasing popularity of tourist destinations with tourists from both countries and the increasing awareness of the advantages of obtaining travel insurance among the public is expected to increase this United Kingdom travel insurance market development in the coming five years.
Positive Government Policies drive the Growth of the Market
The epidemic of COVID-19 has had a negative impact on the growth of the tourism and travel industry. The government estimated that it incurred PS25 billion on economic support. This included PS5 billion in bounce-back loan loans PS12 billion from the coronavirus employment retention scheme as well as PS2.5 billion from the interim reduction in VAT on accommodations, hospitality, and tourist attractions. The government announced a PS10 million tourism package Kick-Starting to help boost the growth of industries that are heavily dependent on the travel and tourism industry. Additionally, the government plans to introduce a brand new rail pass that will ease the travel of tourists in the United States as well as the PS10 million voucher scheme through the National Lottery scheme. The government's support to expand and enhance the tourism and travel sector is likely to serve as a favorable factor for the market of travel insurance players. The rising number of tourists who visit the United Kingdom annually and the accessibility of insurance policies for travel are likely to drive market growth for the United Kingdom Travel Insurance Market in the coming years.
Market Segmentation for United Kingdom Travel Insurance Market
It is believed that the United Kingdom travel insurance market is divided into type, insurance provider users, locations distribution in the region, as well as the competitive landscape. Based on the type the market is split into buses, railways, and aviation. Based on the source market size, it is split into non-banking and bank financial companies (NBFC)). In accordance with the insurance coverage, the market is split into annual, single-trip long-stay, and multi-trip. According to the type of user market, it is classified into seniors students, backpackers, educators business travelers, family travelers, and completely independent travelers. Based on the location the market is classified into intercity, intracity and international. It is the United Kingdom's travel insurance market is examined in key regions like England, Scotland, Wales, and Northern Ireland.
Market Player for United Kingdom Travel Insurance Market
Munich Re, AXA UK Plc, U K Insurance Limited, Aviva, Sainsbury's Bank plc, Saga Plc, Staysure Travel Insurance, Lloyds Bank plc, and Virgin Money UK PLC are the largest players in the United Kingdom travel insurance market.
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