Post Office today announces that sales of travel insurance have surpassed pre-pandemic levels for the first time since the pandemic began. The news reflects the relaxing of travel restrictions in May, but also Post Office’s position as a trusted brand offering great value, and its enhancement of policies to provide cover for cancellation and curtailment as a result of falling ill with coronavirus.
In the three weeks to 7th November, Post Office sold almost 5% more policies compared with the same period in 2019, before the pandemic began. Sales of policies – which are available in branch, via a call centre or online – were also up 651% on the same period last year.
This follows strong growth since the ending of the “Stay in the UK” regulation and the introduction of the traffic light system on 17 May, as well as subsequent changes to the system.
Compared with May this year, sales of policies in September were up 612%, and those in October were up 560%. The figures are all the more remarkable because travel insurance sales generally start to fall during late summer, and for the rest of the year, as increasing numbers of people have taken their main annual holiday.
The most popular regions for travel insurance cover have remained fairly consistent over the past three years. So far this financial year, which runs from April, trips to Europe account for approximately 36% of policies sold, followed by about 35% for the rest of the world and 28% for the UK.
Monday has remained the most popular day on which to buy travel insurance, accounting for just under 17% of policies sold so far this financial year. The least popular day for buying travel insurance is Saturday, accounting for just over 11%.
Ed Dutton, Product Portfolio Director for Financial Services at Post Office, said: “We are really pleased to see sales of travel insurance returning to pre-pandemic levels, following remarkable growth since the government relaxed restrictions on overseas travel.
“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.
“We still recommend that people get a travel insurance policy as soon as they book any travel to give peace of mind in case of unforeseen events before and during a trip, including illness from Coronavirus. Anyone can purchase travel cover in branch, via a call centre or online.”
The dramatic rise in sales followed Post Office last year enhancing its travel insurance products to provide cover for cancellation and curtailment as a result of Coronavirus, giving a confidence boost to people booking holidays. It also came after Post Office won “Best Travel Insurance Provider” at the YourMoney.com awards in April, based on product features, cost effectiveness and the quality of service provided to customers.