FCA has published feedback on its Call for Input on Access to Insurance. Its main concern is that people with pre-existing medical conditions find it hard to get travel insurance. Common themes were:
- lack of good information about options for consumers who had received a high quote or been refused cover;
- lack of consumer understanding of terms insurers use and what risk factors insurers consider when calculating a premium; and
- lack of transparency around pricing generally.
These combine to make it hard for customers to understand how to seek competitive insurance quotes and can lead to them assuming they are uninsurable.
FCA will use the results of the survey to inform its wider work on insurance pricing practices.