The FCA travel insurance study will look at challenges customers with cancer face in accessing cover
The FCA wants to find out about the challenges firms face in providing travel insurance for consumers who have or have had cancer.
The study which was announced today will look at the challenges for these customers in accessing insurance and the reasons for pricing differences in premiums quoted.
The FCA is seeking input on:
- The challenges for firms in providing travel insurance for consumers who have, or have had, cancer.
- The challenges consumers face when they have, or have had, cancer in finding suitable travel insurance.
- Examples of innovative practices in the current market.
- Any barriers that firms face in addressing existing challenges or that prevent innovation.
- Potential improvements that could result in better consumer outcomes.
The move has been triggered by a previous study the FCA did in May 2016 looking at access to financial services in the UK.
As a result, the FCA identified five major social and technological trends. One of these trends was the increasingly segmented markets in insurance.
The paper found that some consumers who had good access to insurance products in the past found they had now become marginalised.
The study announced today looks more broadly at access issues related to insurance but specifically seeks views on how consumers with cancer or those in recovery can access the travel insurance market.
FCA executive director of strategy and competition at the FCA said: “Being able to access financial services is critical for people to fully participate in society. We hope that this will encourage discussion on access issues to examine the challenges for firms and consumers.”
“Given our previous findings in this area, we see this as a critical time to fully explore these issues and consider potential solutions.”
”We want to understand how consumer outcomes can be improved in this area, including through innovation. The findings should read across to many other pre-existing medical conditions and insurance products.”