According to new data from The Association of British Insurers (ABI) travel insurers paid over £1 million a day in insurance claims in 2016. This is the highest set of claims payments since the record high levels of payments in 2010 following the Icelandic Ash Cloud disruption (BBC News:- How volcano chaos unfolded).
In 2016 total claim payouts were £370 million, of which costs for medical treatment equated for over half of all claims costs. Claims included:-
- £100,000 medical bill for treating an abscess in the USA
- £16,000 for the treatment of a fractured leg following a motorcycle accident in Thailand
- £11,000 to remove a brain tumour in Spain
The average claim for medical expenses was £1,300, and trip cancellation £816 whilst the average cost of an annual travel insurance policy is £37.00 with single trip insurance policies even lower, and yet 1 in 4 of us still travel without any insurance.
“As millions of people gear up for the summer holidays, for some unlucky travellers their break could turn into a nightmare. Falling ill abroad must be the number one worry as medical treatment abroad and repatriation back home can cost tens of thousands. Travel insurance is not a nice to have but should be an essential purchase. Insurers support and help thousands of travellers and their families should the worst happen, paying nearly 9 in 10 claims that are made,” comments Mark Shepherd, Head of Property at the ABI.
At Sharrocks we can offer travel insurance for less than £5.00. We can deliver cover for all ages and include specialist cover for those travelling with existing medical conditions. Contact us today for a quotation.