More than 1,300 travellers a day are helped by insurers when things go wrong on holiday, according to figures from the Association of British Insurers.
In 2016, insurance companies paid out around £1 million a day to travellers, with payments for emergency medical treatment accounting for more than half (54%) of all claims costs.
Despite costing a relatively small amount, an estimated one if four travellers still head on holiday without any insurance, risking huge fees in growing medical costs and lost baggage claims.
A total of £370 million was paid out during 2016 to help 480,000 travellers – the highest amount since 2010, when the Icelandic ash cloud caused by eruptions of the Eyjafjallajökull volcano resulted in major disruption.
The growth last year was put down to the rising costs of emergency medical treatment abroad, which totalled £199 million.
Cancelled holiday claims added up to £130 million, whilst £17 million was paid out to 83,000 claims for money and baggage lost while travelling.
The average cost of an annual travel insurance policy is £37, which far outweighs the average medical claim that can reach £1,300, or the average cancellation claim of £816.
Mark Shepherd, Assistant Director, Head of Property at the ABI, said: “Travel insurance is not a nice thing to have but should be an essential purchase. Insurers support and help thousands of travellers and their families should the worst happen, paying nearly nine in 10 claims that are made.”
Travel insurance policies can vary to suit different types of holidays, so it is essential that people look around and understand that the cheapest policy may not actually provide the cover you need.
If you’re thinking of travelling abroad this year, be sure to organise your single trip travel insurance in advance
Date Created: 07/06/2017