Travel insurance policies “do not meet
needs”
Summary
Around 20 million consumers purchase travel insurance each
year. This Report from the House of Commons Treasury Committee
‘Are
you covered? Travel insurance and its regulation’ (HC 50-I) examines the
way such travel insurance is sold and regulated.
It concludes that consumers are at risk of being sold policies that
do not meet their needs, as there is insufficient awareness of exclusions in
such areas as terrorist acts and existing medical conditions.
The
Committee finds merit in the idea of introducing a unified system of statutory
regulation and suggests that the Financial Services Authority (FSA) is
best-placed to deliver such a system.
Found this story interesting?
Spread the news by clicking below to add it to your bookmarking
service:
How does it affect
me?
If you work in the travel insurance industry or have a travel
insurance policy, this affects you.
The Committee finds that consumers
are being sold policies without being made aware that they do not cover areas
such as terrorist acts and existing medical conditions, and so are at risk of
being sold policies that do not meet their needs.
See more on the
upcoming
work of the House of Commons Treasury Committee.
Find out
how to
submit evidence to the House of Commons Treasury Committee.
Read more
about the Financial Services
Authority.
