Travel insurer Club Direct is believed to be the fastest growing travel insurer after almost tripling its amount of new business this year, according to latest reports from the company.

Low-cost direct insurers are increasingly snapping up a larger portion of the market, with the travel trade gradually losing its dominant grip.

In 1994, travel agents and tour operators held 84% of market premiums, but this has declined to 68% this year, according to analyst Mintel. The share of direct writers has increased from 5% to 15%.

The insurer's success is largely attributed to an aggressive pricing strategy, launched at the end of last year, coupled with the launch of an internet sales service.