The same underwriters are competing for the same travel insurance customers. But they are not necessarily competing in the same way - or ending up in the same place.
Our snapshot of the travel insurance underwriting landscape in April 2026 shows just how different the picture can look between single trip and annual multi-trip. Across the two markets, 148 products were actively quoting on MSM, with only minor differences between cover types. Yet four underwriters account for almost three-quarters of the competitive space across both markets.
Inter Partner Assistance, AXA's underwriting arm, leads the single trip market, accounting for 26% of P1-5 competitive space. In annual multi-trip, AXA's share is 22%, while Zurich takes the lead at 25%, up from 21% on single trip.
The difference in their positions is telling. AXA's single trip lead comes from breadth, with a long list of consumer brands including ABTA, RIAS, Ageas, Puffin, BigBlue, Insurefor and Tripsure. These brands are underwritten centrally, giving AXA access to a broad spread of distribution without having to appear as the customer-facing name.
Zurich has a more concentrated position. Most of its share comes through GreatCover and multitrip.com, but that base is set to expand following the acquisition of AIG's Travel Guard business, which is becoming Zurich Cover-More. That gives Zurich a bigger platform from which to build on its position in annual travel insurance.
Admiral takes a different approach again, underwriting its own direct brand rather than a collection of third-party brands. That gives it 17% of the P1-5 space on single trip and 12% on annual multi-trip. It is a strong showing from a single-brand strategy, particularly in single trip.
SiriusPoint International also relies on a single brand, Gigasure, but has a particularly strong position in annual multi-trip, where it accounts for 13% of P1-5 space, compared with 7% on single trip. That puts Gigasure ahead of many individual brands backed by much larger underwriting groups, making SiriusPoint's annual position one to watch.
For underwriters, the question is not simply whether they are competitive, but whether the market is behaving as they intended. Are they quoting for the business they want, leaving themselves exposed to risks they don't, or failing to compete where they expected to? This snapshot shows where the market landed in April 2026, but in a fast-moving competitive landscape, keeping your finger on the pulse is vital in securing the competitive edge.
Source: Consumer Intelligence MarketView, brand websites and policy documents, MSM sourced underwriting data, Apr'26.
At Consumer Intelligence, we help our clients understand how your strategy is actually behaving in the real world. Get in touch to see how we can help you stay ahead of the competition..