One in 12 people are risking travel on their summer holidays without insurance for themselves or their belongings, according to new research.

A survey by Sainsbury's Bank travel insurance found summer holidays worth up to £4.19 billion are not being covered by travel insurance and £2.07 billion in personal belongings is taken abroad each year without adequate cover.

Reasonable travel insurance can be bought from many outlets including the post office, supermarkets and businesses and some start from as little as £22 for 14 nights in Europe.

"Some 2.61 million people will risk losing a fortune this year by having no cover against a holiday calamity such as losing baggage, suffering an accident or injury and needing medical treatment or even having to cancel their trip altogether," said Robert O'May from Sainsbury's Bank.

"It's also important to remember that the new government EHIC form like the E111 before it is not an insurance policy. It provides emergency medical care only, which in some destinations may be very limited."