Today’s economic climate is proving to be a trying time for the financial sector however travel insurance companies appear to be well-placed to ride out the storm and all indications suggest Staysure.co.uk one of the UK’s most established low cost over 50s insurance specialists is leading the pack.
Staysure’s recent figures show an increase in overall sales of 203% from the same period last year, suggesting that people in the UK are still travelling overseas and intend to do so throughout 2009 regardless of the recession and a weaker pound. Furthermore sales of Annual Multi-trip policies have more than doubled for the same period last year, with an overall increase of 666% and an unprecedented rise of 1800% for sales of annual worldwide policies.
A recent Mintel report found that whilst some people are badly affected by the recession, a large proportion of the population are virtually unscathed and the effects are less severe than perceived or expected. For the vast majority overseas holidays are an essential part of everyday life that they aren’t willing to forego, instead opting to trade down on spending if finances are stretched. Furthermore an extra 10% of respondents stated they would consider purchasing travel insurance if travelling abroad this year.
Mintel also concluded that although the effects of the weaker pound on the travel industry have been exaggerated, this hasn’t deterred overseas travel and on the contrary people are more inclined to travel outside the euro zone, which is beneficial to the travel insurance industry in terms of higher worldwide premiums. There is also a suggestion that people will be taking shorter trips but more often. In general this is good news for travel insurance companies and the travel industry as a whole.
In response to Mintel’s findings Ryan Howsam, Staysure’s C.E.O. stated “This goes someway to explaining Staysure’s continued growth over the last year but the rest can be put down to the correct marketing mix and a healthy respect for our client’s needs. We are constantly striving to provide the best value and the widest choice of products, not only to over 50s but also across the board”.
For further details about Staysure’s over 50 travel insurance visit our website www.staysure.co.uk or call 0845 508 1319.