Defaqto says single trip polices will suit fewer foreign trips
UK holidaymakers will have fewer trips abroad this year leading to more sales of single trip, rather than annual, travel insurance, with annual policies lapsing Defaqto claims.
Brian Brown, Head of Insight and author of Travel Insurance 2009: The Year of the Staycation, said: "This year customers are more likely to take holidays at home rather than abroad. The number of overseas trips is showing a decline for the first time in two decades with fewer trips to many of the usual destinations."
"For most customers taking just one overseas trip a year will mean that purchasing a single trip policy makes more sense. Customers will not purchase annual travel cover for the time being. Certainly as policies lapse they will be less likely to be automatically renewed."