With the widespread availability of cheap travel insurance, there is no good reason to risk travelling uninsured. There are plenty of accidents that can befall the unlucky traveller abroad, and if you have insurance, these accidents will likely be minor inconveniences – if you don't, they could turn into expensive disasters.

Almost two million travel insurance claims are made every year by people from the UK, ranging from refunds on cancelled flights to the payment of costly medical bills abroad. While a great variety of claims are made, some are much more common than others. Here are the five insurance claims that you are most likely to make while on holiday abroad…

1. Medical Costs

With almost a third of recorded claims involving medical bills, this is by far the most common travel insurance claim. It is also the most expensive, at an average of almost £500 per claim, with insurance in America, Canada and Europe being especially expensive. Medical bills abroad can range from a few hundred pounds for basic treatment and medication to tens of thousands of pounds for helicopter evacuation or emergency repatriation. With prices that high, it is well worth investing in some worldwide travel insurance to cover you wherever you go!

2. Lost Baggage

After the disaster at Heathrow's Terminal 5 on its opening day (where thousands of pieces of luggage were misplaced), people are now much more aware of the risk of lost baggage. It is a common problem for holiday goers; indeed, it is the second most common travel insurance claim. The loss of personal items can be a frustrating inconvenience, but your travel insurance will cover the cost of replacing your lost possessions.

3. Cancellation of Flights

Many people buy their insurance at the last minute, but the threat of cancellation is an important reason to book up your worldwide travel insurance as early as possible – this is the third most frequent travel insurance claim. Whether it is because you have to cancel the holiday yourself due to a family or personal emergency, or because the airline cancels the flight, having cover for this is essential – the average cost of cancellation is just under £400.

4. Travel Delay

If your journey is delayed it can lead to plenty of unforeseen costs, including last minute accommodation and paying for alternate transport, and it is fourth on the list of common travel insurance claims. Worldwide travel insurance can help to cover the costs associated, so next time you are sitting in an airport waiting for a delayed flight, at least you'll know that your insurance is there to ease the cost!

5. Lost or Stolen Money

Cash is all too easy to misplace while on holiday, and is also the main target for pickpockets, casual thieves and conmen. Unsurprisingly, it is the fifth most common travel insurance claim made by UK travellers. A worldwide travel insurance policy typically features cover for the loss of money, so that if your wallet is stolen or misplaced you'll have your cash replaced.