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Travel insurers pay out £1 million every day*

Travel insurers pay out £1 million every day*

An emergency abroad can be expensive, so when travelling overseas it's important to take out travel insurance to avoid incurring unnecessary costs.

In June 2016, The Association of British Insurers (ABI) published figures that show the value of travel insurance.

According to the ABI, insurers pay out £1 million every day to help cover the costs of medical treatment abroad, cancelled trips, or other travel troubles. However, more than one in five people still risk travelling uninsured.1

Interesting facts & figures from ABI members*:

  • Last year, insurers paid out £365 million, equating to £1 million a day, to 494,000 individuals and families who needed help when they were abroad.
  • The main cost of claims was for emergency medical treatment, with insurers paying out over £196 million to cover travellers medical expenses and repatriation. More than 166,000 travellers claimed for medical treatment.
  • An annual travel insurance policy costs an average of just £33, while the average medical expenses claim was more than £1,200, and average cancellation claim £800.
  • In total, insurers also paid out £128 million to 160,000 individuals and families to cover the cost of cancelling their holiday.
  • Insurers paid £16 million to 87,000 people to cover the cost of lost baggage and money whilst travelling.

Claims to consider

If you're planning a trip away it's worth considering the various incidents that you'd want to be covered for and accidents that might occur. Last year there were a variety of successful claims made by Wesleyan customers**, such as:

  • Medical claim: A customer suffered from gastroenteritis on holiday in Turkey and was admitted to a clinic for 2 days. We paid the medical expenses which came to £647.
  • Cancellation claim: A customer was due to travel to Barbados for 2 weeks. Unfortunately his elderly mother (who was not travelling with him) had a fall and was hospitalised just before the family were due to travel. As a result they had to cancel their holiday and claim for £3,440. 
  • Medical claim: A customer's 15 year old daughter hurt her ankle when swimming in the sea in Florida. Whilst at the hospital, she was seen by a number of doctors over a 24 hour period as a fracture was suspected. The final diagnosis was a badly sprained ankle however we paid the medical expenses totalling $8,532. (Approximately £6,615.49 at the time).
  • Personal Effects: A customer was sunbathing on a beach in Gambia and was approached by a fruit seller. Having purchased the fruit, she then realised that an accomplice had stolen her bag containing some clothing, a mobile, Kindle and mini iPad. A police report was submitted and a claim for £865 was paid out to cover the costs.

Sources 

1. More than one in five people (22%) risk travelling uninsured - statistics from ABTA. https://abta.com/about-us/press/new-abta-report-reveals-one-in-five-still-travelling-uninsured

2. Average annual travel insurance of £33 does not include Insurance Premium Tax.
* https://www.abi.org.uk/News/News-releases/2016/06/Travel-insurers-pay-out-1-million-every-day
** Based on Wesleyan premiums paid out in 2015


Find out more about Travel Insurance for Professionals.

'WESLEYAN’ is a trading name of the Wesleyan Group of companies.

Wesleyan Assurance Society and Wesleyan Bank Ltd are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Wesleyan Financial Services Ltd, Wesleyan Unit Trust Managers Ltd, Practice Plan Ltd and DPAS Ltd are authorised and regulated by the Financial Conduct Authority.  Advice about investments, insurance and mortgages is provided by Wesleyan Financial Services Ltd.

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