One million pounds a day – that is the eye-catching figure revealed by the Association of British Insurers in reference to the amount of money being paid out on travel insurance claims in the UK.
According to new ABI research, which also shows that more than one in five people risk travelling abroad without insurance, last year insurers paid out £365 million on travel insurance claims – the equivalent of £1 million a day. This was spread across 494,000 individuals and families that were travelling abroad.
So how do these figures break down?
The report states that the main cost of claims is for emergency medical treatment, with insurers paying out more than £196 million to cover travellers’ repatriation and medical costs – during the year 166,000 travellers made a medical claim. The average medical claim was actually for more than £1,200.
In addition, insurers paid out £128 million to 160,000 individuals and families to cover the costs of cancelling their holidays – with the average cancellation claim reaching £800.
Meanwhile, a further £16 million was paid out to 87,000 people in relation to covering the cost of lost baggage and money while travelling.
UK’s first terrorism travel insurance launched
UK firm partners with Allianz for travel insurance solution
More than half of Britons go without travel insurance