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SixthSense™

Travel Insurance
£2500

Content
  • Introduction & ScopeToggle
    • Report coverage
    • Methodology
    • Abbreviations
  • Report SummaryToggle
    • Premiums holding up
    • Modest future growth expected
    • Six approaches to travel insurance
    • Policy ownership
    • Drivers of policy choice
    • Finding right deal
    • Claims
  • What Needs Protecting?Toggle
    • Overseas rather than domestic trips need covering
    • Almost 56 million overseas trips need protecting
    • Insurance most needed to cover holidays abroad
    • Over half of consumers take overseas holidays
    • But not all travellers are UK citizens
    • Most adults go abroad once a year
    • Age and wealth is an issue
    • Average trip abroad is 13 nights
  • Perceptions of Travel InsuranceToggle
    • Travel insurance offers peace of mind and safety
    • Four underlying dimensions of opinion
    • Five consumer groups
    • Risk minimisation and key driver of views
    • Risk it Robs more likely to go uncovered on their next trip
    • A graphic representation
    • Risk Aversion of Travel Insurance
  • Policy OwnershipToggle
    • Over half of consumers have and use travel insurance
    • It’s either/or but not both
    • Ownership related to income and socio-economic grade
    • Risk increase with time abroad and number of trips
    • Family policies dominate the annul insurance sector
    • Single-person cover dominates the short break sector
    • Not all niche trip takers take niche insurance
    • Insurance for over-65s and for those with pre-existing medical conditions
    • Packaged accounts help cement the customer base
    • Young men chance their arm
    • Ignorance and risk taking explain the lack of cover
  • Drivers of Policy ChoiceToggle
    • Cost and trust the main issues
    • Five dimensions of choice
    • A graphic representation of purchasing
    • Can policyholders make informed decisions?
    • Around one in five buy ‘blind’
    • Risk aversion a prime influence on knowledge
    • Age and social grade also impact on knowledge
  • Finding the Right DealToggle
    • Over half of policyholders plan ahead
    • Attitudes to risk influence the timing of arrangement
    • The nature of the trip also impacts on the time of arrangement
    • Only half of policyholders actively search for insurance deals
    • Single-trip policies more actively searched for
    • Hunter or prey
    • Regulator expresses concern over insurance purchased via packaged accounts
    • Hunters tend to hunt online
    • Convenience drives price comparison usage
    • A graphic representation
  • DistributionToggle
    • Six in ten buy standalone policies
    • Hunters do not only hunt online, they buy online as well
    • Standalone market dominated by single-trip policies
  • Provider Loyalty and SwitchingToggle
    • One in four thinking of changing provider
    • Bundled policyholders stick while standalone policyholders twist
    • The search for a cheaper deal
  • The Claims ExperienceToggle
    • Some people don’t know when to grow up!
    • Most are happy with the claims experience
  • Market Shares
  • Market SizeToggle
    • Annual policies dominate the market
  • Forecast
  • Appendix Toggle
    • Extra Tables
  • DownloadsToggle
    • Report PDF
    • Datasheets
    • Updates
    • Questionnaire
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Drivers of Policy Choice
 
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