Policy numbers rise as foreign travel falls
Personal insurance
10th June 2010
The number of travel insurance policies available in the UK has risen, despite a fall in journeys overseas, a new study has found.
Research carried out by financial research specialist Defaqto discovered products increased by 9.5 per cent during the past year.
However, travel overseas dropped over the same 12-month period of 2009 by nearly 16 per cent, as consumers felt the impact of the recession and the low value of sterling.
Commenting on data showing the number of insurance policies, author of the report and Defaqto head of research Brian Brown suggested it will impact upon the "gross premium income of travel insurance providers".
However, the wider range of available policies could benefit those seeking travel cover, who may find there are more products that meet their needs, so speaking to a broker may help.
Additionally, those looking for a new UK insurance policy could be interested in a Bank of Scotland poll showing many Scottish people fail to take out cover before going abroad, although 39 per cent of respondents have experienced problems with international travel.
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