The economic downturn is responsible for this trend, according to the travel insurance provider.
Just under one in four (24 percent) Britons are planning to go on holiday without travel insurance, American Express revealed today.
A study from the travel insurance provider also showed that 48 percent of all UK adults are planning to make financial cutbacks of some sort, due to the current economic downturn. With the credit crunch likely to continue in to next year, and inflation rising to its highest level since 1992, seemingly "superfluous" costs such as travel cover seem to be falling by the wayside, according to the firm.
AmEx's research comes in the wake of the recent credit crunch-induced collapses of two budget airlines, XL and Zoom. Customers were left stranded at airports due to both corporate failures, with many claiming on their travel insurance for their tickets home.
Commenting on the report Chris Rolland, head of AmEx 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."
He added: "Should something happen, the current economic market means that the last thing Brits need now is an unexpected bill."
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