Travel insurance statistics

How many Brits are taking out travel insurance when they go abroad?

When planning a trip away, the last thing you want is for something to go wrong. However, buying travel insurance can end up saving you thousands on medical bills and help protect you against lost luggage and cancelled flights. We look at the latest travel insurance statistics in the UK.

Quick overview

  • The average cost of travel insurance is £25.57 for trips within Europe and £87.96 for trips worldwide.
  • The travel insurance market size in 2023 is £448 million in terms of gross written premiums.
  • The total number of claims in 2022 was 362,000, up 148% compared to 2021.
  • The total payouts from claims in 2022 was £352 million, up 230% from £107 million in 2021.
  • The average travel insurance claim per person in 2022 was £973.
  • The average claim for emergency medical treatment in 2022 was £1,750.
  • In 2022, travel insurers dealt with one claim every 2 minutes.
  • A fifth (21%) of British holidaymakers travelled without insurance in the year to May 2019.

What is the average cost of travel insurance?

The average cost of travel insurance is £25.57 for trips within Europe and £87.96 for trips worldwide. This is based on single-trip insurance cover for healthy adults on a 10-day trip, averaging the 10 cheapest quotes.

It is worth noting that higher prices for older age brackets heavily skewed these averages. For those aged 50 and under, the European average falls to between £13 and £10.87. Meanwhile, the worldwide average falls to between £35.81 and £29.85 for the same age bracket.

Interestingly, travel insurance is higher for a 20-year-old than a 30-year-old in both cases, possibly due to a higher propensity to engage in risky behaviour for younger people. Otherwise, travel insurance increases in price with age.

What is the average cost of travel insurance for over 70s?

The average cost of travel insurance for over 70s is £58.45 for trips within Europe and £219.05 for trips worldwide. This is based on single-trip insurance cover for healthy adults on a 10-day trip, averaging the 10 cheapest quotes.

The average for those aged 70 is £30.28 for Europe and £99.30 worldwide. Meanwhile, for those aged 80, the average is £86.61 for Europe and £338.80 worldwide.

Cost of single trip travel insurance by age Europe Worldwide
20 years old £11.42 £31.09
30 years old £10.87 £29.85
40 years old £11.83 £34.71
50 years old £13.00 £35.81
60 years old £14.98 £46.17
70 years old £30.28 £99.30
80 years old £86.61 £338.80
Average £25.57 £87.96

Travel insurance claims and payouts

The total number of travel insurance claims in 2022 was 362,000, up 148% from 2021, where they totalled 146,000. In 2022, travel insurers dealt with one claim every 2 minutes on average.

The number of cancellation claims makes up around one-third of all claims, with 129,000, up 75% from 2021. This increase may be due to the increase in trips taken post-pandemic. Medical claims also account for around one-third of all claims, with 112,000, up 235% from 2021.

Travel insurance payouts totalled £352 million in 2022, up 230% compared to £107 million in payouts in 2021. The average claim amounted to £973 in 2022, but this figure jumped to £1,750 for the average emergency medical treatment claim.

Stats 2022 2021
Total number of claims 362000 145968
Total payouts £352 million £107 million
Number of cancellation claims 129000 73714
Number of medical claims 112000 33433
Average claim £973 £732
Average emergency medical treatment claim £1,750 £1,389

How many people travel without insurance?

Research from 2019 found that a fifth (21%) of British holidaymakers had travelled without insurance in the past year. 37% of this group did so because they thought they didn’t need it, while 28% said it was a risk they were willing to take.

How satisfied are Brits with their travel insurance?

Customer satisfaction with travel insurance companies was 87% in 2023, according to the latest Public Trust Index from the Chartered Insurance Institute. This year’s customer satisfaction represents an all-time high since the start of data collection in 2018. Customer satisfaction has been steadily rising, from 76% in 2021 to 86% in 2022.

Year Travel insurance satisfaction
2021 76%
2022 86%
2023 87%

Sources

  • Association of British Insurers
  • Chartered Insurance Institute
  • Mordor Intelligence
  • NimbleFins

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