Business Intelligence

POST OFFICE

Travel insurance sales ahead of pre-pandemic levels

Research reveals Monday remains the most popular day on which to buy travel insurance.

Post Office has revealed that sales of travel insurance are ahead of pre-Covid levels for the first time since the pandemic started.

In the three weeks to 7 November, Post Office sold almost 5% more policies compared with the same period in 2019, before the pandemic began. Sales of policies were also up 651% on the same period last year.

In addition, sales of policies in September were up 612% compared with May this year, and in October sales were up 560% on May’s figures.

Post Office reveals that trips to Europe account for approximately 36% of policies sold this financial year, followed by about 35% for the rest of the world, and 28% for the UK.

The figures show Monday remains the most popular day on which to buy travel insurance, accounting for just under 17% of policies sold so far this financial year. Saturday is the least popular day for buying travel insurance, accounting for just over 11%.

Ed Dutton, Product Portfolio Director for Financial Services at Post Office, said: “Notably, we saw rising sales later in the summer. Usually, they are falling at this point because growing numbers of people have already enjoyed their

summer holiday. However, pent-up demand, our highly regarded brand and attractive product features appear to have produced strong upward momentum throughout the summer, with strong sales continuing into autumn.”

The rise in sales followed Post Office enhancing its travel insurance products last year to provide cover for cancellation and curtailment because of coronavirus. It also follows the Post Office winning Best Travel Insurance Provider at the YourMoney.com awards in April.