The insurance industry could face £45m less in claims this summer as millions of people travel abroad with inadequate travel insurance, according to Sainsbury's Bank.
This year, around three million people will travel abroad without travel insurance, which according to Sainsbury's Bank will mean some £20m worth of potential claims will not be able to be made.
The Bank also claims many will have inadequate policies which will mean £22.5m of claims will be turned down.
Duncan Cook, Travel Insurance Product Manager, Sainsbury's Bank said: "People need to pay far more attention to what type of travel insurance policy they buy.
"Unfortunately, research shows that around one in three people don't ask any questions when buying cover and three out of four spend less than five minutes considering a policy. This helps explain why as a nation we waste around £250 million a year by not shopping around for competitive quotes."
