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MPs in the UK have called for a review and crackdown on the travel insurance industry when it was revealed that in the event of terrorist attacks around ten million holidaymakers would have been left without medical cover in 2006.
 According to a report put together by the Treasury Select Committee, many holidaymakers and travellers from the UK were being sold travel insurance policies that did not provide them with adequate cover and did not meet their needs.
The report stated that there was a need for far greater regulatory input in terms of travel insurance policies that were being sold by the travel industry, such as travel agents and tour operators. According to figures, every year around twenty million travellers and holidaymakers in the UK purchase travel insurance to protect them and provide them with peace of mind when travelling abroad. However, in many cases the policies are not suitable or appropriate for the traveller.
MPs also expressed their concern over the lack of awareness amongst consumers when it came to cover for pre-existing medical conditions as well as in situations such as terrorist attacks. There was particular concern over the lack of protection for consumers in the event of terrorist activity, and the chair of the Treasury Select Committee stated that the financial losses that could be incurred by travellers as a result of terrorist activity could be 'astonishing'.
He stated: 'All too often, exclusions are buried in the small print of insurance policies. Holidaymakers are risking damage to their health or considerable financial loss if they require treatment while abroad or repatriation to the UK. There can be no doubt that consumers are suffering a detriment here, and that overcoming this is a mammoth challenge for the insurance industry, for all those who sell travel insurance and for those who regulate them.'
Tom Smith
02.03.07
Further Information:
- General Travel Insurance Advice - To the average customer looking for a travel insurance deal they may be bombarded with terminology and information of which they find it hard to take in
- The Cost of Travel Insurance - The big decision concerning travel insurance is the question of what happens if the traveller only goes away for a few days at a time for business or pleasure, but has to pay for the policy for an entire year. Since the price per day ends up being more expensive, the yearly option is usually more affordable.
- Is Travel Insurance Needed? - In the last five years, more and more people are travelling to further distant regions and not buying travel insurance. Is travel insurance needed?
- Do’s and Don’ts of Travel Insurance - Travel insurance is bought by many types of people in different industries. Because travel insurance has more rules and regulations than home or car insurance policies, there are many facts that need to be considered before purchasing travel insurance.
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