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The number of travel insurance policies on the market increases

The number of travel insurance policies on the market increases

The number of travel insurance policies currently available in the UK has risen, according to a recent report. A study which was carried out by an independent research company found that the number of holiday insurance policies which are now available has risen by almost 10% despite the fact that travel to overseas destinations has fallen drastically. 1,018 travel insurance policies are currently on offer, when 12 months earlier there were  just 930. 50% of the new travel insurance policies were introduced by five of the biggest national insurance companies. As the country slumped deeper into the economic recession last year, more and more people cut back on non-essential spending, which included holidays for many. For this reason, a huge percentage of people chose to not take a holiday abroad last year, with many opting for the cheaper option of the stay-cation which involves holidaying in the UK. According to recent statistics, overseas travel decreased by 16% during 2009. However travel agents and insurance companies are hoping to recoup some of the losses from last year as thousands of Brits prepare to leave the country to support England in the football World Cup which is being held in South Africa.

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