CP19/23: Signposting to travel insurance for consumers with medical conditions

Open consultation: CP19/23
Consultation closes

This consultation sets out proposals to help consumers with pre-existing medical conditions (PEMCs) who can sometimes struggle to access affordable travel insurance that covers their medical conditions.

What we are proposing

These proposals are seeking to introduce measures to help consumers better navigate the market and find firms that can offer travel insurance products that cover their PEMCs.

The consultation is seeking views on introducing a new ‘signposting’ rule, to provide consumers with details of a directory of travel insurance firms that have the appetite and capability to cover consumers with more serious PEMCs. Firms will be required to signpost consumers in the following circumstances:

  • When a consumer is declined or otherwise not offered cover, or cover is cancelled mid-term, due to a PEMC.
  • When a consumer is offered cover with an exclusion for a PEMC that cannot be removed.
  • When a consumer is offered cover with an additional loading to their base premium due to their PEMC.

In addition to signposting, the FCA will be working with stakeholders to try to improve consumer understanding of the travel insurance market, including producing material on PEMCs. This information will help consumers understand the implications of travelling with exclusions, and how factors such as country of travel can impact medical costs and therefore travel insurance premiums.

Read CP19/23

Who this applies to

This consultation will be of interest to:

  • All firms that offer retail travel insurance, including insurers, Lloyd’s managing agents, intermediaries, and appointed representatives.
  • Banks that offer packaged bank accounts inclusive of travel insurance.
  • Insurance industry trade associations.
  • Charities, in particular this will be of interest to medical charities.
  • Consumer organisations.
  • Consumers, primarily those with PEMCs.

Next steps

This consultation has now closed. 

We will consider your feedback and intend to publish our rules in a Policy Statement.