The number of British travellers taking multiple holidays each year has caused the travel insurance market to grow, according to a new report.
Market analyst Datamonitor revealed that the UK travel insurance market grew by 1.4 per cent to a total value of £709 million in 2006 and claims it could total some £838 million by 2011 based on current trends.
According to researchers, the increase in Brits taking more than one trip abroad each year is a major factor behind the recent growth, adding that people travelling to see family and friends in foreign countries was one of the main reasons cited for the rise in annual travel .
Datamonitor said short breaks are becoming more and more popluar with British holidaymakers, despite constant environmental campaigns against air travel and terrorism scares, with travel insurance providers reaping the benefits .
Meanwhile, the company claims that the increasing propensity for people to purchase annual travel insurance policies is also likely to fuel growth, offsetting the impact of competitive conditions within the market, which could result in insurers facing difficulties in raising premium rates .
Andrew Haslip, author of the report, commented: "The UK travel insurance market continues to benefit from the desire of the British public to travel abroad, though competitive conditions have dampened growth."
"With premium rates hardening in other markets, it will be interesting to see whether the same level of competition remains in the travel insurance market going forward," he added
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