Holiday insurance - a waste of money?

You might be ineterested in a discussion today, on Radio 4's You and Yours, about holiday insurance. It seems that 10% of over-55s don't take out insurance for foreign trips.  One contributor suggests it is often a waste of time, especially in Europe where we are covered by our EHIC for health issues, and our home insurance policies for  posessions. What do you think? Are we being frightened into this expense?

He doesn't apply this thinking to more 'exotic' locations, and I certainly wouldn't be without rescue cover.

This topic begins at 36.38 here: http://www.bbc.co.uk/programmes/b01qjc0n