Insurance proposals outlined for travellers with medical conditions
The Financial Conduct Authority (FCA) has launched a consultation on proposals to help consumers with pre-existing medical conditions (PEMCs) get better access to travel insurance products.
The consultation is seeking views on introducing a new ‘signposting’ rule, to provide details of a directory of firms that are able to cover consumers with more serious PEMCs.
Companies will be required to signpost consumers in certain circumstances, including when cover is declined or cancelled mid-term due to a PEMC; when cover is offered with an exclusion for a PEMC that cannot be removed and where a consumer is offered cover with an additional loading to their base premium due to their PEMC.
In addition to signposting, the FCA will be working with stakeholders to try to improve consumer understanding of the travel insurance market, including producing material on PEMCs.
This information will help consumers understand the implications of travelling with exclusions, and how factors such as country of travel can impact medical costs and therefore travel insurance premiums.
FCA executive director of strategy and competition Christopher Woolard said: "We want to reduce the numbers of consumers who are currently faced with a choice of not travelling or travelling without insurance, and running the risk of incurring significant costs, including medical bills abroad.
‘The changes proposed today will be an important step in helping people to navigate the market more easily and also in reducing the number of customers who are over-paying significantly for travel insurance.’
The FCA estimates there are up to 14.1 million consumers with a PEMC that look to purchase travel insurance each year.
Of these consumers, approximately 0.7% were declined cover, and 11% purchased a policy with an exclusion for their PEMC.
Some consumers who are offered a policy may also benefit from shopping around, as they might find more affordable cover with a different provider, the FCA says.
The FCA is consulting on the draft rules until September 15.
Image by Arek Socha from Pixabay
Lisa
Lisa joined Travel Weekly nearly 25 years ago as technology reporter and then sailed around the world for a couple of years as cruise correspondent, before becoming deputy editor. Now freelance, Lisa writes for various print and web publications, edits Corporate Traveller’s client magazine, Gateway, and works on the acclaimed Remembering Wildlife series of photography books, which raise awareness of nature’s most at-risk species and helps to fund their protection.
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