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Travel insurance premiums are set to rise by up to 40% next year as insurers pass on higher claim costs to customers. One of Britain’s largest insurers said it would impose “double digit” increases just as people plan their Christmas breaks and next year’s summer holiday.

Travellers will also be hit with a rise in insurance premium tax in January from 17.5% to 20%. Some of the cheapest policies will see the biggest increases, perhaps in the sum of 30% – 40%.