The Financial Conduct Authority (FCA) has today published feedback on its Call for Input (CfI) on Access to Insurance.
The FCA is concerned that consumers find it difficult to access the specialist travel insurance market. As a result, the FCA will work with key industry stakeholders to create a new service which will redirect customers to specialist providers.
Georgie Frost, consumer advocate from GoCompare Travel comments:
“As someone with a pre-existing medical condition, I know only too well the difficulty and expense of getting good quality travel insurance.
“It is completely unfair that someone with a long-term health issue should have to deny themselves a much-needed holiday because they can’t find or afford the right cover, either because they believe they are completely uninsurable, or they end up being quoted some extortionate premium to have peace of mind when abroad.
“The situation has improved over the last few years thanks to comparison websites like GoCompare, with more competition in the market increasing access and pushing costs down, but clearly more work needs to be done.
“There are 15million people in the UK currently living with a long-term health condition. With that number expected to rise to 18million over the next decade, it is only right that the travel insurance industry reflects the needs of a quarter of the population.
“In the meantime, it is possible to find and compare the travel insurance cover available if you have a pre-existing medical condition. Go on to a comparison website, like GoCompare, to find the options that are right for you. It is important that you declare everything to your insurer so you do not get a nasty shock if you need to make a claim. If you are in any doubt, call up the insurer to discuss your needs before you buy and before you travel.”
For more information on travel insurance for people with pre-existing medical conditions visit: https://www.gocompare.com/travel-insurance/pre-existing-medical-conditions/
- ENDS -
For further information please contact:
Anders Nilsson/Martyn John/Louisa Marsden at GoCompare on 01633 654 054 / 01633 654 725 / 655132
Gordon, Jason or Liz at MAW Communications on 01603 505 845
Keep up-to-date with GoCompare on Twitter: @GoCompare
Notes to editors:
GoCompare is a comparison website that enables people to compare the costs and features of a wide variety of insurance policies, financial products and energy tariffs.
GoCompare does not charge people to use its services, and it does not accept advertising or sponsored listings, so all product comparisons are unbiased. GoCompare makes its money through fees paid by the providers of products that appear on its various comparison services when a customer buys through the site.
GoCompare does not sell its customers’ data.
When it launched in 2006, it was the first comparison site to focus on displaying policy details rather than just listing prices, with the aim of helping people to make better-informed decisions when buying their insurance. GoCompare has remained dedicated to helping people choose the most appropriate products rather than just the cheapest, and has teamed up with Defaqto, the independent financial researcher, to integrate additional policy information into a number of its insurance comparison services. This allows people to compare up to an extra 30 features of cover.
GoCompare is the only comparison website to be invited to join the British Insurance Brokers’ Association (BIBA) and is authorised and regulated by the Financial Conduct Authority (FCA).