The Association of British Insurers (ABI) has revealed that the average medical claim on travel insurance surpassed £1,300 for the first time ever in 2018 – reaching £1,368. In addition, the ABI’s figures show that the total amount paid to Brits abroad in 2018 ─ £400 million ─ was at its highest level since 2010. In the past decade, the average medical claim has nearly doubled from £768 in 2008.
Although average claims costs across the board have increased, the average premium has decreased to £38 and older travellers have seen the most significant drop in price. The ABI has highlighted the importance of purchasing cover sooner rather than later and ensuring that it is suitable for their needs, rather than just being the cheapest option.
The ABI’s Senior Travel Policy Adviser Charlie Campbell commented: “The fact that one-quarter of Brits travel abroad without the right travel insurance is incredibly worrying. Few people have the luxury of being able to afford a surprise £800 bill, let alone one that runs into the tens or hundreds of thousands if they fall ill abroad. Anyone travelling this summer should avoid unnecessary financial and emotional stress by ensuring they have the right cover in place. As not all policies are the same, people should look for cover that meets their needs, rather than the cheapest option.”