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by Sarah Forster
-23 August 2024
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Home > Latest News > Can you afford NOT to take Travel Insurance?
Can you afford NOT to take Travel Insurance?
The importance of Travel Insurance was highlighted once again by the ABI recently, after it was revealed claims increased more than 50% in 2023.
With some jaw-dropping stats and record highs, it is essential to make sure you’re adequately covered so that you can remember your holiday for all the right reasons.
In 2023, insurers paid out £511m across 574,000 claims – that’s 58% more than the previous year.
Overall, the average claim was £890, with most claims for emergency medical treatment abroad.
The cost of medical treatment abroad has gone up drastically in recent years, and when it came to medical claims, the average claim cost was £1,724.
There were just under 29,000 claims for Spain alone, with a value of £41.7 million. Don’t forget claims can include costs for repatriation which is not covered on the EHIC/GHIC.
2023 Travel Insurance claims by numbers.
- Claims up 58% on 2022 with a total of 574,000 claims made.
- Total paid out: £511 million – a leap of 45% on 2023’s figure of £352 million.
- Average Travel Insurance claim was £890
- Claims costs vary by age, with costs for those 36-40 at £518, rising to £1,830 for those aged 71-75.
- £291m paid out in Medical Travel Insurance claims (2023)
- Spain saw the greatest number of these medical claims with just under 29,000
- Average emergency medical treatment was £1,724.
Jaw-dropping examples of Travel Insurance claims
Thailand
“A traveller visiting Thailand suffered a serious blood infection needing intensive medical treatment and an air ambulance back to the UK. The total bill was £250,000 paid by the travel insurer. “(ABI 2023)
Greece
Customer sustained injuries in a forest fire and one insurer paid out £25,000 in repatriation and medical costs. (ABI 2024)
Spain
“A holidaymaker in Spain needed private medical treatment for a kidney infection. This cost £15,000, covered by her travel insurance. “(ABI 2023)
Canary Islands
“A holidaymaker in the Canary Islands needing treatment for a lung condition had to be transferred from a state hospital covered by the GHIC to receive private medical treatment, followed by an air ambulance back to the UK. The total bill of £67,000 was again paid by the travel insurer.” (ABTA, May 2019)
France
“While the GHIC paid for 80% of the cost of treating injuries from a fall in France, this still left £16,000, including return to the UK on a stretcher. These costs were covered by the travel insurer.” (ABTA, May 2019)
Travel Insurance at Just Travel Cover
At Just Travel Cover we work with a panel of insurers allowing you to compare multiple insurers helping you save time. Most insurers offer three levels of cover – bronze, silver and gold and we provide cover for hundreds of pre-existing medical conditions. Plus, there’s no upper age limit.
There is no set price for Travel Insurance as this is a tailored product to your individual circumstances. The cost can vary depending on the destination, medical conditions, age, and any activities you wish to partake in.
It is essential that when choosing the right Travel Insurance policy for you that you are covered for all pre-existing medical conditions and have the right limits/excess amounts for you. Each scheme can vary, and we advise to always check the policy wording for more information.
Source: ABI 2024.
Travel Insurance for all
Get a free no obligation quote today and compare prices from our panel of insurers with three levels of cover bronze, silver and gold to choose from.
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