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Daily Insurance Industry News
Monday 21st of August 2017
December 17, 2007

BIBA welcomes new Travel Insurance Review

by Brian Turner

Story link: BIBA welcomes new Travel Insurance Review

BIBA welcomes new Travel Insurance Review

BIBA has welcomed the publication today by HM Treasury of its legislation to bring all travel insurance providers under FSA regulation.

Eric Galbraith Chief Executive of the British Insurance Broker’s Association, said: “The British Insurance Brokers’ Association has long campaigned for this legislation to protect the 20 million people who buy travel insurance every year. We have been working with Treasury to ensure that these measures meet the needs of consumers, and that they receive the appropriate guidance when taking out travel insurance – particularly from travel agents and tour operators.

“It is vital that consumers are protected when they go abroad, that they know what they are buying, and what their travel insurance policies do and don’t cover. We are delighted that BIBA has been invited to join the Treasury’s working group to promote a better understanding amongst consumers of their protection needs before they travel.

The response comes after concerns have been repeatedly raised over acts of terrorism being excluded from cover, not least that 49% of travel insurance companies have a total terrorism exclusion, and as many as 78% of policies exclude terrorism cover before writing back in some heads of cover.

Mr Galbraith urged holidaymakers to approach insurance brokers for travel insurance, to ensure that they could have any such clauses carefully explained according to their individual circumstances.

BIBA recently announced the launch of the BIBA Protect Holiday Travel scheme available through BIBA members and underwritten by Tokio Marine Europe Insurance Limited. The scheme includes:

· No general exclusion for terrorism
· Single and annual multi trip cover with £10 million medical cover
· Pre-existing medical conditions can be considered, subject to medical screening
· Many hazardous activities (e.g. scuba diving) are covered as standard
· Independent travel for all insured persons including children
· Any number of dependent children may be covered under a family policy
· Single excess applies per family, per incident
· Up to 45 days any one trip, with unlimited trips, on an annual multi-trip policy
· Option to increase from 45 days to 60 days stay on annual multi-trip policy

 

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