It was also revealed that many people do not use a safety deposit box to keep valuables secure, preferring instead to keep them on their person or in a suitcase.
Robin Bailey, Nationwide's insurance director, said it was "astounding" that people "take such a gamble" when going abroad.
He explained: "You never know what's around the corner and for that reason it is vital that you have adequate travel insurance in place."
Mr Bailey's comments have come after InsureandGo spokesperson Perry Wilson stated that people need to think more about the medical aspect of their cover, adding that travel insurance is "not just about cancelled flights".
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