According to data from the Association of British Insurers (ABI), travel insurance claims in the UK skyrocketed last year, with £385 million paid out by insurers. This made 2017 the most expensive year for claims since 2010, when the Icelandic ash cloud saw huge numbers of payments made.
The ABI’s data shows that 510,000 claims were made in 2017, 30,000 more than the previous year, with costs up by £16 million. Medical expense claims comprised more than half of the total number of claims, with an average £1,300 paid for this reason, while delayed baggage and lost money were also major contributors. An increase in cancellation claims were, according to the ABI, driven by major airline disruption, unpredictable weather events and the general cost of family holidays increasing significantly.
“Travel insurance acts as your guardian angel when overseas and should be an essential element of your holiday shopping list,” Charlie Campbell, the ABI’s Policy Adviser for Travel, urged consumers. “Insurers are paying out £1 million every day to cover the unexpected costs of illness, injury or cancellation. Medical expenses can often cost tens of thousands of pounds, whilst the large increase in cancellation claims shows just how important it is to purchase your cover as early as possible. Our question to consumers today is: can you afford to not have travel insurance?”
From ITIJ’s perspective, the answer is a resounding no…