The UK’s travel insurance market is currently valued at around £1.62 billion and is forecast to be worth around more than £3 billion by 2030.
In 2024, UK travel insurers paid out £472 million across more than half a million claims, with over a third relating to emergency medical expenses. Although the vast majority of brits have purchased travel insurance in the past, approximately 11-21% of holidaymakers still travel uninsured.
The most common reasons for claims:
Medical Expenses
Cancellation
Lost/Stolen Baggage, which although common, typically results in smaller-value claims.
Regarding demographics when purchasing travel insurance, there are notable variations among different age groups, with nearly a quarter of travellers aged between 18 and 24 buying travel insurance annually, compared to just 11% of 25 to 34 year-olds.
Finally on a positive note, according to the latest data from the Chartered Insurance Institute, customer satisfaction with travel insurance policies has reached 85%.