Responding to a consultation paper, published today by the FCA, on signposting to travel insurance for consumers with medical conditions, Director of Regulation at the Association of British Insurers, Hugh Savill, said:
“Insurers see the value of a system to sign-post travellers who cannot get adequate cover because of their medical history. But the FCA’s proposals would sweep up every single medical condition, however slight its impact on a premium. Travellers need a more proportionate approach, which avoids confusion and disruption to the customer journey. As the FCA themselves say, ‘further shopping around will not always help’. We will be urging the regulator to establish a more targeted approach to help those who could genuinely benefit.”