ABI reports £472m travel insurance payouts in 2024

The Association of British Insurers (ABI) has revealed that its members paid out £472 million across more than 500,000 travel insurance claims in 2024 – underlining the vital role of cover for travellers.

Medical expenses remained the most common reason for claims, accounting for 34% of all cases – up from 29% in 2023. Total medical payouts reached £262 million, with an average claim of £1,528. However, costs can be significantly higher; one policyholder required over £1 million in emergency treatment in the US, including repatriation to the UK.

“With summer at its peak, there’s no better time to prepare a packing list for your next getaway,” said Fraser Lyall, Policy Adviser for General Insurance at the ABI. “While suncream and passports will certainly be necessary, travel insurance is one other essential that shouldn’t be overlooked. Travel insurance can offer peace of mind, knowing that you’re covered for things like emergency medical care should you fall ill or suffer an injury abroad. Be sure to read the full terms and conditions and disclose any pre-existing medical conditions to make sure you have the right cover.”

The ABI also reminded UK travellers of its ‘Eight to Embark’ checklist:

1. Buy before you fly: purchase cover when booking to protect against cancellations
2. Check the cover, not just the price: ensure it meets your needs, particularly for adventure activities
3. Read the small print: understand exclusions, such as injuries linked to excessive alcohol consumption
4. Declare medical conditions: disclose all pre-existing conditions to avoid invalidating your policy
5. Follow foreign office advice: travelling against official guidance can void your cover
6. Know your rights: airlines or tour operators may be liable for some disruption costs
7. Carry EHIC/GHIC cards: these offer limited cover in Europe – meaning that insurance is still essential
8. Know how to claim: keep your insurer’s emergency contact details and relevant documents.

The ABI emphasised that while European and Global Health Insurance Cards (EHICs and GHICs) give British travellers help with certain healthcare costs, they do not cover repatriation or wider risks, meaning travel insurance is still required.

Early in the year, the Managing General Agents’ Association (MGAA) announced the signing of a memorandum of understanding with the ABI, aimed at working towards greater industry collaboration.