The UK travel insurance market declined by 12.3% to £625.4m in gross written premium (GWP) in 2015. This is a result of fewer policies being written, in addition to rates that have been prevented from hardening due to market competition. The number of policies written has been falling despite rises in the number of UK residents traveling abroad. The majority of UK travelers visit Europe, which has led to Britons relying on European Health Insurance Cards (EHICs) instead of purchasing travel insurance in the desire to save money. This trend has been driven by younger travelers as opposed to older generations, for whom travel insurance is a more important and better understood purchase due to their higher vulnerability and pre-existing medical conditions. The profitability of the market is struggling as competition is hindering rate increases, while claims costs for insurers are rising due to medical inflation despite the number of claims being in decline. Recent years have seen a shift towards annual policies over single-trip cover. This is a result of more frequent travel and the convenience of an annual policy; the rise of annual travel insurance distributed via added-value current accounts; and fewer individuals booking a holiday and consequently single-trip insurance through a tour operator or travel agent.