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43% Increase In Lost Or Stolen Money Claims

16 August 2011

Analysis of claims data by Sainsbury’s Travel Insurance(1)reveals that it has seen a 43% increase in lost or stolen money claims between 2009 and 2010.

The research reveals that Spain is the country where most claims for lost or damaged property, baggage or money originate, with over one in four claims of this nature (27.6%) being caused there, at a total value of around £7 million a year. This is followed by France (7.8%), the USA (5.7%), Italy (4.1%), and Turkey (3.7%).

The findings reveal that Britons make travel insurance claims worth around £24 million a year for lost, stolen or damaged possessions, baggage and money. However, Sainsbury’s Finance estimates that for every £4 million of travel insurance claims received, there are around another £1 million that go unclaimed because many holidaymakers aren’t covered by travel insurance(2). The figures provide a stark warning to those planning a get-away to ensure they have adequate cover before they set off.

David Barrett, Sainsbury’s Travel Insurance Manager, commented: “Lost or stolen money, baggage and possessions is a common problem for Britons on holiday. Over the past three years the average claim value for lost or stolen money was nearly £170. When you consider any expensive items you may have in your baggage such as watches or cameras, incidents of lost or stolen baggage can be very expensive if you don’t have travel insurance.

“Good travel cover does not need to be expensive; holidaymakers should shop around to get a competitive price and adequate levels of cover before they even pack their suitcase or organise their travel money. If they don’t, they could end up badly out of pocket.”

To obtain a Sainsbury’s Travel Insurance quote you can log ontohttp://www.sainsburysbank.co.uk/ or call 0800 316 1452.  Lines are open 8am – 8pm Monday to Friday, 8am – 7pm Saturday, and 9am – 5pm on Sunday.

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For further information, please contact:

Ian Morris / Sophie Woodcock
Citigate Dewe Rogerson
020 7282 1049 / 1072

 Notes to editors:

(1) Analysis of Sainsbury’s Travel Insurance claims data from 2008 to 2010, and its market share
(2) According to ABTA in Oct 2010, 19% of holidaymakers do not have travel insurance (www.abta.com/about/news/view/316)
(3) To receive your1/3 offonline discount and see full terms and conditions, go to www.sainsburysfinance.co.uk/ and remember to have your Nectar card numberready.

Sainsbury’s Finance:

To view our latest press releases and product information, please visit the Sainsbury’s Finance online media centre atwww.sainsburysfinance.co.uk/media.

Sainsbury’s was the first major British supermarket to open a bank, commencing trading in February 1997. Benefiting from a fantastic, trusted brand that enables us to combine the shopping experience with personal finance, Sainsbury’s Finance provides a range of quality products including insurances, credit cards, savings and loans. Our proposition is to make shopping more rewarding by offering customers great products at fair prices, while consistently rewarding shoppers for their loyalty and being easy to do business with at all times. Our products consistently top Best Buy tables and regularly win awards for quality, price and service.

Sainsbury’s Finance recent awards include Best Overall Online Provider, Best Online Pet Insurance Provider, Best Online Personal Loan Provider and Best Direct Home Insurance Provider at the Your Money Awards 2011.

Sainsbury’s Finance is a joint venture between J.Sainsbury plc and Lloyds Banking Group.

For further information and general Sainsbury’s Finance enquiries customers can call the freephone number on 0500 40 50 60 or visit

www.sainsburysfinance.co.uk

Sainsburys Finance Travel Insurance is arranged and administered by FirstAssist Insurance Services Limited on behalf of the insurer, Great Lakes Reinsurance (UK) PLC.

FirstAssist Insurance Services Limited (FISL) is one of the UK’s leading providers of tailored, flexible white-label specialist insurance solutions. FISL has five key areas of insurance expertise: travel, protection, budget health, legal protection and small business, covering nearly three million people in the UK.

Driven as a specialist business by an entrepreneurial, commercial management team, FISL provides a unique range of products and marketing solutions for: Banks, Insurers, Affinity Organisations, Corporates, Intermediaries and SMEs. 

Notes to editors/webmasters.

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