One in three travel insurance claims due to cancelled holidays

27 July 2018

  • Insurance claims due to cancelled holidays total £145m
  • 1 in 6 leave it until the day of or day before their trip to take out travel cover
  • 37% don’t take out travel insurance at all

Co-op Insurance is warning holidaymakers to ‘buy as soon as they book’, when it comes to travel insurance, as it’s revealed over a third (34%) of claims are due to cancelled holidays.*

The average claim for a cancelled holiday now stands at £833 and as one in three travel insurance claims are now due to cancelled holidays, millions of UK holidaymakers are collectively at risk of losing out financially, in the event their trips are cancelled.

Furthermore, whilst two fifths (37%) of UK holidaymakers are pushing their luck by not taking out travel insurance at all, a further one in six (16%) are also putting themselves at financial risk, by leaving it until the day of, or the day before their holiday starts to take out insurance.**

For families travelling with children, putting cover in place is particularly important as Co-op’s research highlights that over a quarter of parents (26%) have cancelled or have considered cancelling a holiday because their child was unwell.***

Colin Butler, Head of Travel Insurance at Co-op said:

“It concerns me that so many people are either leaving insurance to the last minute or not taking it out at all. By taking out cover people are covering themselves for scheduled airline failures, sickness where as a result a holiday must be cancelled and accommodation cancellations.”

Top tips when taking out travel cover from Colin Butler

  • Check your insurer covers you for SAFI (scheduled Airline Failure Insurance), this means that in the event the airline your flying with goes bust
  • Be honest with any medical conditions you may have to ensure that if you do need to claim on your insurance, you’ll be fully covered
  • Buy as soon as you book - When it comes to travel insurance, it’s always best to take it out as soon as you book a holiday. This way, if there are any unexpected changes or cancellations before the trip, you’ll be covered

Ends

Media Contact:

Emily Penkett
PR Manager
Email: Emily.penkett@coop.co.uk
Mobile: 07738621201

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*ABI 2017 travel insurance claims data

**37% is from Co-op’s study among 2000 UK holidaymakers conducted by Atomik Research.

16% is based on Co-op’s Travel Insurance policies.

*** Research was conducted among 2000 parents in April 2018 on behalf of the Co-op by Atomik Research.

About Co-op Travel Insurance

Co-op Travel Insurance is part of Co-op Insurance Services Limited and is underwritten by MAPFRE. Full policy details can be found here: https://www.co-opinsurance.co.uk/travel-insurance/policy-documents

About Co-op Insurance:

Co-op Insurance is part of the Co-op, one of the world’s largest consumer co-ops, owned by millions of members. Alongside Co-op Insurance, we have the UK’s fifth biggest food retailer, the UK’s number one funeral services provider, and a developing legal services business.

As well as having clear financial and operational objectives, the Co-op is a recognised leader for its social goals and community-led programmes.