Market Size of UK Travel Insurance Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 549.34 Million EUR |
| Market Size (2029) | USD 702.02 Million EUR |
| CAGR (2024 - 2029) | 5.03 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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UK Travel Insurance Market Analysis
The UK Travel Insurance Market size in terms of gross written premiums value is expected to grow from EUR 549.34 million in 2024 to EUR 702.02 million by 2029, at a CAGR of 5.03% during the forecast period (2024-2029).
Travel insurance is a form of financial protection that can cover expenses or damages incurred while traveling domestically or internationally, such as damage to or theft of property, medical treatment in the event of an accident, and travel cancellations and interruptions. The UK is a highly sought-after tourist destination, with a variety of businesses in the tourism and travel industry, including tourism services, food and beverage servicing, rental of transportation equipment, sports and leisure activities, travel accommodation, and travel agencies. The country is home to some of the world's most renowned tourist attractions, such as the Windsor Great Park in the UK, the British Museum, the Roman Baths in the UK, and Stonehenge in the UK.
The COVID-19 pandemic brought the world to a halt, with unforeseeable and unexpected implications affecting global economies, people’s lives, communities, and livelihoods, too, and the risk of layoffs and global recession was at an all-time high. The travel and tourism industry has also endured severe economic slowdowns due to harsh travel restrictions and quarantine regulations worldwide. The market gained traction in 2021 after the gradual relaxation of the lockdowns imposed.
Medical expenses are likely to dominate the UK travel insurance as global travelers are often exposed to foreign bacteria, unfamiliar foods, and side effects of jet lag –all of these may lead to health concerns. Besides, exploring unfamiliar territory may cause accidents resulting in injury without warning and demands for travel insurance, which recover health conditions.
