Millions struggle for insurance

More than 15 million people with pre-existing medical conditions feel “poorly served” when it comes to travel insurance, the financial regulator has revealed.

The Financial Conduct Authority (FCA) says UK residents with specific medical conditions often find holiday insurers will not cover them at all, or will charge significantly more because the customer is classified as a “non-standard risk.”

In one example, the watchdog was told about the case of a nurse who had advanced breast cancer, but was declared fit to travel to Dubai. The cheapest quote she was offered was £2,800 and she considered travelling without insurance.

Eventually, after a friend recommended a specialist travel insurer, she found cover for £800.

Some customers also find they are still charged high insurance premiums many years after successful treatment. During peak holiday season, the FCA says it is challenging the industry to improve access to insurance.

Christopher Woolard, executive director of strategy and competition at the FCA, said: “People with pre-existing medical conditions feel poorly served by travel insurance.

“There are specialist services out there, but, often, people don’t know where to find them.

“We’ll work with industry to point people in the right direction and help dispel some of the myths and misunderstandings to ensure this market works better.

“This will also form part of our continuing our work on insurance pricing practices which are designed to lead to long-term positive changes across the market.”