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FCA updates on Access to Insurance

FCA has issued an update on its work following its call for input on access to insurance in respect of travel insurance for those who have or have had cancer, and its subsequent feedback statement.

Since the 2018 Feedback Statement, FCA has been working to put in place a signposting mechanism to direct those with medical conditions to insurance providers who can provide cover. It is considering whether there should be a single source host, be it through an existing service or a new one, or a multi-lateral approach that allows signposting across the industry. It currently favours a multi-lateral approach, possibly backed up with a consolidated source of information on specialist cover providers.

FCA also wants to improve consumer understanding of the need to appropriate insurance for people with pre-existing medical conditions, and the problems exclusions may present as well as the impact on premiums.

It plans to consult on its proposals over the next few months.

 

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Roseyna Jahangir