According to the Association of British Travel Agents (ABTA), the number of people going overseas without travel insurance is on the rise, Insurance News net reports.
In a recent statement, the ABTA reminds travellers and holiday makers about the risks of travelling without valid insurance. With research showing that more than one in five (22%) people now travel uninsured - up from 19% in 2013 - this seems to be becoming a worrying trend.
The findings show that younger travellers in particular are more likely to take this risk, with 35% of 16-24 year olds and 36% of 25-34 year olds failing to take out insurance before going abroad.
Some reasons for this include: believing that the government would pay for medical treatment (19% of 16-24 year olds and 23% of 25-34 year olds); relying on the European Health Insurance card (25% of 16-24 year olds and 23% 25-34 year olds); or simply not wanting to spend money on insurance (29% of 16-24 year olds and 31% of 25-34 year olds).
With annual policies starting at low rates and medical bills running potentially into thousands of pounds, this is certainly a false economy, the article notes.
As well as finding that the number of consumers signing up for travel insurance has significantly declined, the ABTA research also found ‘no evidence’ to suggest that increased regulations around the sale of travel insurance has been beneficial to consumers.
Therefore, the body is calling for the government to review and relax the ‘burdensome’ regulations, in the hope that this will allow travel businesses to push more policies at the point of sale.
Chief executive Mark Tanzer, stated: “We will continue to make our Members' views clear to Government. In the meantime, we urge Members to familiarise themselves with their rights and responsibilities in informing customers about travel insurance.”
The ABTA recently submitted a consultation response to the Treasury calling for the regulation to be abolished, and continues to work with the Tourism Minister and the Financial Conduct Authority to reduce the burdens placed on the industry when selling insurance.
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