Press release -
Post Office Travel Insurance sales surpass pre-pandemic levels for the first time, following surge in demand after travel restrictions eased
- Strong upward trend has boosted sales since restrictions eased in May
- Sales continued to rise late in summer, when they would usually be falling and are up 5% in three weeks to 7 November compared with same period in 2019
- “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” says Ed Dutton, Product Portfolio Director for Financial Services at Post Office
- To coincide with US Dollar currency sales up 142% over September and October and increases in travel insurance sales for rest of the world, Post Office has today launched an in branch only flash sale offer for US dollars available on new and existing Travel Money Cards. Sales ends 8am Saturday 20thNovember
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 CHECK.
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.
For more information about Post Office Travel Insurance, visit www.postoffice.co.uk/travel-insurance
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About the Post Office
- With over 11,500 branches, Post Office has the biggest retail network in the UK, with more branches than all the banks and building societies combined.
- Post Office is helping anyone who wants cash to get it whichever way is most convenient. Partnership with over 30 banks, building societies and credit unions means that 99% of UK bank customers can access their accounts at their Post Office.
- Cash withdrawals, deposits and balance enquiries can be made securely and conveniently over the counter at any Post Office; and the biggest investment by any organisation or company in the last decade is being made to safeguard 1,400 free-to-use ATMs across the UK.
- Post Office is simplifying its proposition for Postmasters with a focus on itscash and banking; mails and parcels; foreign exchange; andbill paymentsservices.
- Researchhas found that visits to the Post Office help drive another 400 million visitors to other shops, restaurants and local businesses equating to an estimated £1.1 billion in additional revenue for High Street businesses.
- 99.7% of the population live within three miles of a Post Office; and 4,000 branches are open seven days a week.
