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Travel insurance faces stricter regulationDate: 28/06/2007 09:09:57
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Britons may get a better deal on their travel insurance in the future thanks to tighter regulation of the industry.
For the first time ever, the Financial Services Authority (FSA) will now be responsible for the regulation of travel insurance sold in the UK by travel agents.
According to the Treasury select committee around ten million Britons off on their holidays abroad last year were not adequately insured for medical expenses.
Many travel agents have been criticised for selling expensive holiday "bundles" including flights and insurance, when a separate insurance deal could be more suited.
Economic secretary to the treasury, Ed Balls announced the news earlier this week, promising consumers more protection and security by ensuring they only buy the cover they need.
"Twenty million people are buying travel insurance each year, and some are putting themselves and their families at risk by buying travel insurance that may not cover their needs," Mr Balls said.
"This happens as consumers have a 'knowledge gap' when buying travel insurance, as they often do not understand what they are buying or what it covers.
"Evidence shows that companies regulated by the FSA are better at getting consumers to make an informed choice because they are better at explaining the key features and exclusions of the product and guiding the customer through the sales process."
According to figures from the Office for National Statistics, Britons took 64.2 million visits abroad in 2004 - purchasing travel insurance in a market worth up to £670 million in 2006.
Talk to one of our qualified doctors now about travel health on 0906 665 8002. Calls cost £1.50 per minute from a BT landline. 24 hrs 7 days a week. Callers must have bill payer's permission and be over 18. All calls are recorded but you do not have to give your name. All Doctors are GMC registered and either fully qualified GPs or post membership hospital specialists. Not for emergency use, diagnosis or prognosis. Not designed to replace a face to face consultation with a medical professional, and any callers taking such advice in isolation do so at their own risk. In the case of a medical emergency, dial 999. Calls last a maximum of 20 minutes.
 © Adfero Ltd
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