The Financial Conduct Authority watchdog is finally looking into the insurance problems facing travellers who have or have had cancer. This is not before time!
We are constantly receiving complaints from parents regarding their difficulty in accessing holiday travel insurance for their children who have cancer or are now in partial or full remission. Premium quotes are often unacceptably high, with cancer exclusion from cover, and require reams of paperwork to fill in. The premiums are frequently more than the cost of the holiday and can vary wildly between different insurance companies. There have been cases where the insurer has refused to cover hospital or repatriation costs following an accident unrelated to the cancer.
The watchdog says that insurance companies should do more to help customers suffering from cancer. It seeks to understand how consumer outcomes can be improved in this area and is seeking input on the challenges consumers face in finding suitable travel insurance for themselves or their children who are suffering from cancer or are in partial or full remission. The FCA is conduct regulator for financial services firms and financial markets in the UK. Their aim is to ensure a fair deal for consumers from all financial markets, including insurance.