Industry News from Yes Insurance

Sales of travel insurance may not suffer as much as some people expected in the current economic climate, one holiday company has suggested.

TUI Travel UK said, although the media was dominated by gloomy predictions regarding the state of the country's finances, most people were not prepared to sacrifice their overseas trips.

"Despite talk of a credit crunch, the vast majority of customers do not see their main annual holiday as a luxury but rather a necessity," managing director Dermot Blastland stated.

He revealed over half of his firm's customers had insisted - when it came to making cutbacks - breaks abroad would be one of the last things to go.

Research by the Association of British Travel Agents found 47 per cent of people in the UK had no intention of changing their travel plans in the face of the credit crunch.

It also showed 83 per cent of people who had recently returned from a trip overseas were intending to head abroad again within the next 12 months.

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