People are increasingly giving up on taking out travel insurance in order to save money, the firm has claimed.
One in four Britons is planning to cut travel insurance out of their monthly outgoings in order to save money, American Express said today.
Research from the card firm also showed that many other insurance products were set to be ditched, as the credit crunch continues. Accordingly, 30 percent of people polled by AmEx said that they were thinking about no longer having payment protection insurance, while 17 percent were planning to cut out pet insurance.
More worrying still, credit card payments were also on the blacklist for 12 percent. Restrictions on loans and cards, as well as an inflation rate topping four percent, are thought to have provided the impetus for these cutbacks.
Chris Rolland at AmEx commented: "Life may be getting more expensive, but it is worrying that 48 per cent of Brits are planning to cut back on the policies that are designed to protect them during hard times. This may well be a false economy as people could end up paying out much more than they bargained for if something should happen."
He added: "To a growing number of Brits there are never enough hours in the day, and as people start to feel the financial pressure, things are being dropped from the priority list."
AmEx's research also showed that the three most common sources of travel insurance claims were medical problems, cancellations and lost or damaged baggage, in that order.
