• International Insurance Blog

  • Thursday, June 22, 2017

“Penny wise, pound foolish”, that’s the simplest way to describe a tourist or a visitor who wants to holiday without insurance. Most people now realize the importance of a good travel insurance policy, but there are still a minority who trust their luck and hope for the best.

A new survey by Home & Overseas showed that over 1.5 million holidaymakers were likely to travel abroad this year without taking out any insurance, despite understanding the serious implications. The Home & Overseas survey showed that one in ten regular holidaymakers frequently travel abroad without travel insurance and six per cent of people admit that they never bother with travel insurance despite being aware of the high cost of medical treatment and the risk of theft abroad.

Although the group travelling without insurance is a minority, the group that does take insurance cover but inadequate at that is the more worrisome segment. Only one third of holidaymakers take out additional insurance to cover them for participation in dangerous sports, despite the fact that their existing travel insurance policy does not provide adequate cover. For example, six out of ten rock climbers admit they do not take out additional cover before embarking on an expedition and yet standard insurance policies do not provide cover for mountaineering or rock climbing. Almost half of all skiers and a massive 85 per cent of snowboarders don’t consider additional travel insurance to be necessary.

Although this minority group is pretty small in percent terms the damage that can happen to them is pretty sizeable. Inadequate policy cover is a bigger problem that should be addressed immediately. The travel industry and the insurance industry as a whole must continue to educate the public about the importance of travel insurance.

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