The Retirement Insurance Advisory Service (RIAS), which specialises in insurance for the over 50-year-olds, is holding last years annual and single trip travel insurance premiums until March 1.

Managing director David Holden said the move was calculated to appeal to the over-65s and over-75s who have recently seen some insurers double and triple their premiums respectively.

He said: “Underwriters have been artificially holding their rates down in order to remain competitive for a number of years.

“However, an increase in the size and number of claims has meant that they are no longer able to keep their rates down.”