There's a world of difference between cost and value. When it comes to travel insurance having a reliable policy in your pocket is the best option. Here are some of the latest claims statistics from the Association of British Insurers (ABI)
- Insurance pay-outs of £1 million a day to travellers in 2016 – the highest since 2010.
- Payments for emergency medical treatment account for over half - 54% - of all claims costs at £199 million.
- £370 million, equating to £1 million every day, was paid to help 480,000 travellers and their families who needed help abroad, such as emergency medical treatment and lost baggage. This was the highest amount paid since 2010, when disruption caused by the Icelandic Ash Cloud pushed claims costs to an all-time high. The increase in claims costs was mainly due to increasing costs of emergency medical treatment.
- 154,000 travellers needing emergency medical treatment were helped by insurers at a cost of £199 million. These included a £100,000 bill for treating an abscess in the USA, £16,000 for the treatment of a fractured leg in a motorcycle accident in Thailand, and £11,000 to remove a brain tumour in Spain.
- £130 million was paid out on 159,000 claims to cancelled holidays; £17 million was paid on 83,000 claims for baggage and money lost while travelling.
- The cost of the average annual travel insurance policy is £37, compared to the average medical claim of £1,300, and the average cancellation claim of £816. Single trip policies can be cheaper, often less than what a family may spend on a snack or a couple of glasses of wine at the airport.