Cost of travel insurance set to rise
Travel insurance premiums are going up by more than 20% due to a combination of a rise in VAT and large losses incurred by insurers, according to provider P J Hayman.
It said insurers were also putting more restrictions on age and making it harder for those with pre-existing medical conditions to find cover.
Director Peter Hayman said that after three years of falling premiums, insurers were now pushing through previuosly unthinkable increases.
"Rate increases of 20+% are not untypical," he said.
"These changes will take some time to filter through to the public. Many will conicide with the increase in insurance premium tax on travel insurance from 17.5% to 20% on January 4."
By Linsey McNeill
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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