Over one million Brits took out travel insurance between June and August 2023, despite the rising cost-of-living, according to data from Compare the Market. The data showed that 1,066,364 people who bought insurance this summer was up by nearly a fifth (19%) on the 894,112 who did during the same period in 2022.
Compare the Market’s data revealed that the number of holidaymakers who took out multi-trip travel insurance policies this summer increased by 11% relative to 2022. 135,653 Brits bought multi-trip policies from June to August this year, rising from 122,225 the same time last year. This perhaps demonstrates that, despite the rising cost of living, people were able to set some money aside this year to allow them to take a break away from home in the summer.
The number of consumers opting for single-trip deals this year also increased significantly. 2023 saw a 21% rise in the number of consumers taking out single-trip travel insurance between June and August, jumping from 766,491 in 2022 to 952,382 this year. Compare the Market’s findings also revealed a jump in the number of Brits taking out travel insurance for backpacking holidays in 2023 with the data reporting a 14% year on year increase.
Single-trip deals were the most popular type of policy among holidaymakers in the UK this year. According to Compare the Market’s data, of the total number of people who took out travel insurance policies between June and August 2023, almost nine in ten (89%) opted for single-trip policies.
Helen Phipps, Director at Compare the Market, said “It is positive to have seen an increase in the number of people getting insured for their summer holidays this year, with growing uptake across a range of policy types.”
“While the rising cost of living continues to place a strain on household finances, the increasing number of Brits taking out travel insurance perhaps suggests that some consumers have made an effort not to compromise when it comes to taking a break. Of course, the increase in the number of Brits getting insured this year may also speak to the increased levels of travel disruption we have seen over the past 12 months.”