Well over half a million travel insurance claims were logged last year, according to insurers – that’s almost one claim every minute.
Numbers released by the Association of British Insurers (ABI) show that 510,000 claims were made in 2017, up 30,000 from the year before. This led to a total cost of £385 million, meaning more than £1 million was paid out to stricken travellers every single day.
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The amount paid out in 2017 was the highest since 2010’s Icelandic ash cloud resulted in £455 million of payouts, and comes as a result of a significant increase in cancellation claims. 174,000 payouts were for cancelled holidays, the ABI said.
While the likelihood of being injured when you travel is low, travel insurance will also protect you against cancellations, lost and delayed baggage, lost money, and many more unfortunate things outside your control. This “further highlights the importance of buying your travel insurance as soon as you book your holiday – not at the last minute,” said the ABI.