英国における旅行保険市場

Abstract

Despite aggressive price promotions and the FSA imposing tight regulations, the travel insurance market has continued to grow, largely due to the continuing rise in annual policies and strong consumer desire to go on holiday. This, though, has been accompanied by an increasing commoditisation in the market - not helped by the growing influence of the aggregator sites. However, increased focus on the level of cover offered and exclusions could move consumers away from shopping for travel insurance by price alone.

This report examines the trade-off between tightening incomes and the imposition of FSA regulation against the continuing growth of the travel and tourism market. Will consumers tighten their belts in 2008, or is the holiday on its way from luxury to necessity? Furthermore, will the drive towards price-driven competition continue to increase?

As well as assessing the overall size of the market, this report examines the major developments seen since February 2007, the last time Mintel investigated this sector of the insurance industry. Consumer research tracks changing preferences - in terms of both policy type and arrangement preferences - while those factors that are set to impact sales over the coming years are also assessed.

Key themes:

• Increased regulations squeezing already tight margins with potential to change the face of the distribution channels.
• An ageing population putting pressure on underwriters to create affordable cover for older consumers.
• Intense price competition, particularly from aggregators.
• A growth in independent holiday bookings driving standalone insurance but increasing the risk of consumers holidaying without cover.
• A complex product with consumers largely unaware of cover and exclusions.
• Increased holidays and short breaks are favouring the annual policy and growth is evident within free annual travel insurance offered with premium bank accounts.

Table of Contents

• Issues in the Market
• Key issues
• Abbreviations
• Market in Brief
• Market growth
• Changing purchasing habits, changing distribution channels
• Focus on price leaves consumers in the dark...
• ...and innovation is at a premium
• Red tape
• Holiday patterns favour annual policies
• Consumer research findings: Holiday habits
• Consumer research findings: Insurance ownership
• Consumer research findings: Attitudes towards travel insurance
• Internal Market Environment
• Key Points
• FSA regulation...
• ...extends to the whole market
• Trust still an issue...
• ...with growing numbers of complaints
• Aggregator push...
• ...leads to concerns over regulation
• Addressing discrimination
• Holiday market presses on
  • Figure 1: Domestic and overseas holidays volume, 2002-07
• Life is a journey
  • Figure 2: Outbound holiday visits, by region visited, 2001-06 (Number of visits abroad from UK)
• Friends reunited
• Paying for pleasure
  • Figure 3: Domestic and overseas holidays expenditure, 2002-07
  • Figure 4: Average spend per trip, 2002-07
• Changing booking methods
  • Figure 5: Inclusive holidays versus independent holidays, by volume, 2001-06
• Free cover undermining sales
• Broader Market Environment
• Key Points
• Credit crunch -- putting the brakes on consumer spending?
• Holiday spend is the top priority
  • Figure 6: UK spending priorities, January 2007
• Healthy PDI
  • Figure 7: PDI and consumer expenditure, at constant 2002 prices, 2002-12
  • Figure 8: Trends in personal disposable income and consumer expenditure, 2002-12
• Population changes
  • Figure 9: Forecast adult population trends, by socio-economic group, 2002-12
• Lucrative market among older travellers
  • Figure 10: Forecast adult population trends, by lifestage, 2002-12
• CSR -- limited development in the wider insurance sector...
• ...and even less in travel insurance
• Scope for change
• ClimateWise should further drive CSR efforts
• Competitive Context
• Key Points
• European Health Insurance Card
• Added-value accounts
• Strengths and Weaknesses in the Market
• Strengths
• Weaknesses
• Who' s Innovating?
• Key Points
• CSR -- creating a green travel industry...
• ...but plenty of scope for further innovation
• Back-office technology
• Regulation driving innovation
• Premium pensioners
• The final frontier
• Market Size and Forecast
• Key Points
• Market growth
  • Figure 11: Travel insurance market size, by gross written premiums, 1998-2008
• Shrinking margins
• Forecast
  • Figure 12: Travel insurance market size, by gross written premiums, 2002-12
• Factors used in the forecast
• Segment Performance
• Key Points
• Continued trend to annual policies
  • Figure 13: Travel insurance segment performace, 1999-2008
• Holiday patterns move away from single-trip policies
• Market Share
• Key Points
• Norwich Union makes progress
  • Figure 14: Estimated travel insurance market share, 2007
• Further concentration likely
• Companies and Products
• AXA
• Norwich Union
• AIG/New Hampshire
• UKI
• Fortis Insurance
• Brand Communication and Promotion
• Key Points
• Advertising spend
  • Figure 28: Travel insurance adspend, 2003-07
  • Figure 29: Travel insurance adspend, by provider, 2003-07
• Direct mail key to advertising success
  • Figure 30: Travel insurance adspend, by outlet type, Year to October 2007
• Marketing themes
• Focus on price
• Importance of medical cover
• Link promotions
• CSR and the new puritans
• Channels to Market
• Key Points
• Travel agents continue to lose market share
  • Figure 31: Source used to obtain last policy, 2003-08
• Will travel agents' share freefall?
• Free cover steps up
• High street expansion
• Aggregators enter on a high
• The Consumer -- Holiday Trends
• Key Points
• Two thirds of adult holidaymakers have taken an overseas trip
  • Figure 32: Holidays taken in the past 12 months, October 2007
  • Figure 33: Holiday habits, by type of holiday, October 2007
• Europe family boundaries
• Third agers kick back
• Young global community
• Staying closer to home
• Booking behaviour
  • Figure 34: Type of holiday taken in the past 12 months, October 2007
• Southern independence
• Holiday frequency
  • Figure 35: Total holidays taken in the past 12 months, October 2007
• Future intentions
  • Figure 36: Future holiday intentions, October 2007
• The Consumer -- Travel Insurance Usage
• Key Points
• Coverage reaching saturation point?
  • Figure 37: Travel insurance ownership, October 2007
• Youngsters shunning insurance?
  • Figure 38: Adults who have taken a holiday in the past 12 months, by lifestage and Mintel' s Special Groups, October 2007
• Short or long, European or further flung, insurance is still key
  • Figure 39: Travel insurance ownership, by type of holiday taken, October 2007
• Annual policies reaching a peak?
  • Figure 40: Type of policy held, October 2007
  • Figure 41: Type of policy held, 1999-2007
• North/south divide
  • Figure 42: Annual travel policyholders, by region and socio-economic group, October 2007
• Source of most recent policy
  • Figure 43: Source used to obtain last policy, 2003-08
• Travel agents continue to lose travel insurance business
• Internet sales driven by professional couples
  • Figure 44: Detailed breakdown of purchasing channels, October 2007
• Retired comfortable with traditional channels
• Free cover for upmarket families
• Appendix -- Holiday Trends: Detailed Demographics
  • Figure 52: Most popular holidays taken in the past 12 months, by gender, age, socio-economic group, marital status, lifestage, presence of children, Mintel' s Special Groups, working status, household income, tenure, region, ACORN category, media usage and supermarket usage, October 2007
  • Figure 53: Further holidays taken in the past 12 months, by gender, age, socio-economic group, marital status, lifestage, presence of children, Mintel' s Special Groups, working status, household income, tenure, region, ACORN category, media usage and supermarket usage, October 2007
• Appendix -- Travel Insurance Usage: Detailed Demographics
  • Figure 54: Travel insurance ownership, by gender, age, socio-economic group, marital status, lifestage, presence of children, Mintel' s Special Groups, working status, household income, tenure, region, ACORN category, media usage and supermarket usage, October 2007
  • Figure 55: Source used to obtain last policy, by gender, age, socio-economic group, marital status, lifestage, Mintel' s Special Groups, working status, household income, tenure, region, ACORN category, media usage and supermarket usage, October 2007
• Appendix -- Attitudes Towards Travel Insurance: Detailed Demographics
  • Figure 56: Most popular attitudes towards travel insurance, gender, age, socio-economic group, marital status, lifestage, Mintel' s Special Groups, working status, household income, tenure, region, media usage and supermarket usage, October 2007
  • Figure 57: Next most popular attitudes towards travel insurance, by gender, age, socio-economic group, marital status, lifestage, Mintel' s Special Groups, working status, household income, tenure, region, media usage and supermarket usage, October 2007
• Appendix -- Target Group Demographics
  • Figure 58: Target group demographics, by gender, age, social grade, lifestage, income, tenure, ACORN group, and commercial TV viewing, October 2007Figure 59: Target group demographics, by marital status, children in household, Special Groups, working status, region, newpaper readership, media usage, and supermarket usage, October 2007