Moneysupermarket sees recovery in money and travel offset by energy market disruption

Consumer demand for travel insurance is returning to near pre-pandemic levels, according to financial services platform Moneysupermarket.

However, high energy prices means it does not expect any revenue from tariff switching.

In an update for the quarter ending March 31, 2022, it also added that higher retention rates by insurers also meant consumers are less likely to switch.

The financial services group, which helps consumers compare deals, said travel recorded its best quarter in two years as Covid restrictions were lifted and demand returned.

Money also ‘grew strongly,’ led by recovery in borrowing and ‘good availability of promotional offers.’

Cashback trading benefited from the recovery in travel but was offset by lower volume in other channels.

The group now powers travel insurance switching on Quidco.

Moneysupermarket expects full-year EBITDA to increase to around 2020 levels, with profit weighted to the second half.

Peter Duffy, CEO of Moneysupermarket Group, said: “We are pleased with the strong recovery in Money and Travel, and continue to execute well against our strategy.

“With cost-of-living increases adding pressure to consumer budgets, our distinctive brands remain well positioned to help households save money in a broad range of areas.”