Watchdog to act on travel insurance for long-term health conditions
People with long-standing health conditions will find it easier to get travel insurance after the Financial Conduct Authority said it would work with the industry to direct people to specialist cover.
The FCA says 15 million Brits have long-term health conditions and many are ‘marginalised’ by the travel insurance industry.
The number of people with long-term illnesses is expected to rise to 18 million in the next decade, the FCA said.
A report by the FCA focused particularly on people who have had cancer treatment. It found people still struggle to get insurance, despite being declared ‘cancer free’ following treatment.
Others reported problems such as a lack of information about alternative cover after being given expensive quotes or refused cover.
There is also a lack of understanding among insurance companies and their customers about what risks are considered when setting prices.
The FCA also found insurance premiums were not clearly priced.
Some of those who faced difficulties found frontline insurance staff had little understanding of health conditions.
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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