Single travel trebles as travel insurance take-up tumbles
As the number of Brits choosing to travel alone trebles in just seven years, Insurtech specialist Aquarium Software says this is not being matched by a corresponding rise in travel insurance policies. Recent ABTA Holiday Habits research shows the growing confidence of single women in particular, who are more likely than ever to travel alone.
However, confident solitary travellers may not be so bullish about proper travel cover, and technology could prove the key to unlocking this emerging market, according to Aquarium.
The rapid growth in solo travel has not been matched by a corresponding rise in travel policies being written, rather the market experienced a decrease, with Gross Written Premiums (GWP) in the UK down to £569m in 2016; but it is not all doom and gloom.
Technology is finally helping switch more people on to the importance of adequate travel cover.
“Smartphones mean people have the connection and the confidence to go it alone, and thanks to technology, we in the industry are better placed than ever to ensure these travellers have tailored insurance cover propositions presented via those same smartphones for an effortless purchase,” said Aquarium Software Managing Director, Ed Shropshire.
“58 percent of singleton travellers are now women and while their increasing travel independence is great news, insurance remains a vital component to ensuring a safe and hassle-free trip,” added Ed.
“The ‘B word’ remains a great unknown, but the outcome of those discussions could actually drive travel insurance take up, as travellers realise they may no longer be able to rely on the EHIC, and this could actually benefit the market in the short to medium-term,” concluded Ed.
Aquarium Software is the market leading pet and travel insurance platform.
Aquarium enables insurers, affinity partners and claims organisations to build and deploy new service offerings quickly and cost-effectively.