Nearly a quarter of UK travellers plan to go on holiday without any insurance this year, despite the collapse of several travel companies and airlines in recent weeks.  

The collapse of tour operator XL earlier this month, as well as that of low-cost airline Zoom, 24% of people still plan to travel this year without any cover. As Briton’s finances are stretched further by the rising cost of living, research from American Express Insurance Services has revealed many people are making cut backs and risking a holiday without travel insurance.

According to the research, 14.5 million Britons face the possibility of having to spend thousands of pounds on repatriation and medical fees as their decision to axe their travel insurance this year could leave them exposed and vulnerable.

Chris Rolland, head of American Express Insurance Services, said: “As the cost of living rises and there is less money left over at the end of each month, our research shows that one in four Brits are struggling to meet the cost of holiday insurance. If it is a case of people cutting back on travel insurance in order to afford their holidays then perhaps they should think twice before booking.

“Should something happen, the current economic market means that the last thing Brits need now is an unexpected bill.

“If people are planning more than one trip this year, they should opt for an annual travel insurance policy instead. It will save them more money in the long run and help them to avoid being financially stung while they should be relaxing on holiday.”