Travel insurance industry continues to grow

Brits thinking of going abroad may want to use a price comparison site to find the best travel insurance policy for them, as there are now lots of providers to choose from.

According to Defaqto's latest travel insurance report, the number of providers has jumped from 176 in 2009 to 218 today.

It was also found that the number of travel insurance products on offer, such as single trip and annual policies, has increased over this period by 12 per cent.

As a result, Brits now have more choice in terms of travel insurance provider and policies, which may make the whole process more confusing.

To make finding the right travel insurance easier, consumers could use a price comparison site, such as MoneyExpert.com, as they only need to enter their details once to see a selection of the best policies on the market.

Mike Powell, Defaqto's insight analyst for general insurance, said: "We have seen the number of policies and providers increase significantly in recent years, which has created a situation where the travel market is oversupplied.

"While this means more choice for travellers, it also potentially creates greater customer confusion."

A recent report by American Express Global Exchange Services found that all-inclusive holidays gained popularity with Brits in the first three months of the year.

It was revealed that the most popular destinations in this period were Mexico and Turkey, as they are seen as cost-effective by families.

Anyone thinking of going on holiday should obtain travel insurance before doing so, as this will pay out money if any luggage is lost or stolen, if any medical attention is required while overseas and if a flight is cancelled due to adverse weather conditions.

Brits looking for a cheap holiday have been advised by MoneyExpert.com to book their vacation early rather than leaving it until the last minute and to shop around for the best deal.
 

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