Travel Insurance

The insurance industry can trace it’s origins to the Lloyds Coffee House of 17th Century London, when groups of merchants realised that not only was it safer for their ships to sail as part of a fleet as protection against pirates, they could also spread the cost of the loss of one ship across the whole fleet.

It was not long before a few enterprising people realised that they could make a living by ‘underwriting’ these fleets, and before long the insurance industry was flourishing. It quickly developed to insure houses, (despite the Fire of London) and people’s lives.

As the centuries moved on, and technology developed, there were other needs for insurance, railways, motor cars and aeroplanes. These inventions made it easier, and more affordable, for people to travel, but it was not until the 1960’s that the mass travel market that we know today began to develop, and tour operators and travel agents began to proliferate. The insurance industry, ever on the lookout for new risks, was quick to respond and travel insurance policies were developed.

The 1980’s and 90’s really saw the growth of the package holiday, and 90% of all travel insurance policies were sold via travel agents and tour operators. The annual holiday was now a necessity and not a luxury.
As we approached the new millennium, the growth of the internet and accessibility of information via the worldwide web, meant that people started to put their own holidays together, by-passing the travel agent. They could book their flights, hotel accommodation directly with supplier. It was not long before travel insurance was also available on-line. In 2010 the percentage of travel insurance purchased from the travel trade had fallen to 18%.

The choice of insurance policies is now extremely wide, and prices vary, so it is important that travellers make the right choice, both in terms of price and cover.
Holidaysafe has been voted as ‘Which?’ best buy travel isurance and provides a range of policies at affordable prices.