A quarter of Brits 'to cut back on insurance this year'

With the economic climate taking its toll on consumer finances, just under a quarter (24 per cent) of Brits are planning to go on holiday this year without insurance, according to research.

A survey by American Express found that some 14.5 million people could take the risk of travelling without cover this year.

The findings came from a wider study by the company which found that nearly half (48 per cent) of Brits hope to save money by cutting back on financial safeguards this year.

Chris Rolland of American Express said that the tight economic situation makes travel insurance particularly important as most people are not able to cover costs of repatriation or medical care abroad out of their own pocket.

"Should something happen, the current economic market means that the last thing Brits need now is an unexpected bill," he said.

The credit crunch is taking its toll on industry as well as consumers, with both XL Leisure and Zoom Airlines going out of business in the past six weeks, leading to airlines such as bmi and British Airways stepping in to help stranded passengers.

Posted by Merv, 19 September 2008 12:17

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