The British Insurance Brokers’ Association (BIBA)’s Travel Medical Directory has helped more than 400,000 consumers since it was recognised five years ago by the Financial Conduct Authority (FCA) as a signposting solution for consumers with serious medical conditions.
Helping consumers to find specialist insurance providers, the directory improves access to suitable travel insurance protection for their specific needs, providing peace of mind and the opportunity to travel.
Demand continues to grow year on year, with the number of enquiries received in the last year alone almost four times higher than in the directory’s inaugural year.
Graeme Trudgill, Chief Executive of BIBA, said: “Reaching more than 400,000 enquiries in just five years demonstrates the real difference the Travel Medical Directory is making to consumers who may otherwise struggle to find suitable cover.
“Travel insurance plays a vital role in providing peace of mind when people travel, particularly for those with serious medical conditions. We are proud that the directory, and our specialist insurance brokers, continue to support consumers and help them access the cover they need.
The FCA’s recognition of the directory as an appropriate signposting service is part of their rule which came into effect in April 2021. It requires insurance firms who offer consumers a travel insurance policy with a £200 or more additional premium due to a medical condition, or decline cover, or offer a policy with an exclusion that cannot be removed, or cancel a policy because of their medical condition to be pointed towards a specialist directory to find help.
Graeme Reynolds, Director of Competition and Interim Director of Insurance, Financial Conduct Authority, added: “Finding travel insurance can be difficult for people with pre-existing medical conditions. Our rules help connect consumers with specialist providers by using a specialist directory to search for suitable cover. The success of BIBA’s Travel Medical Directory over the last five years shows how important this support can be in helping people find the insurance they need.”
Building on the existing signposting initiatives, BIBA and the ABI launched a new voluntary industry-wide Total Signposting Commitment in January to help all insurance consumers to find suitable insurance more easily. Supporting the Government’s Financial Inclusion Strategy, the initiative aims to ensure that consumers who cannot obtain cover from one provider are directed to specialist provider, or to BIBA’s Find Insurance Service – 0370 950 1790 or www.biba.org.uk/find-insurance/
To find out how BIBA’s Find Insurance Service helps real customers with medical conditions, read Ashley story here.
-
ENDS –
-
For further information please contact:BIBA press office:Pam Quinn, Head of Communications07562 616686Leighann Forsyth, Deputy Head of Communications07917 738727
-
PrivacyBIBA’s privacy policy can be viewed hereIf you no longer want to receive press releases from BIBA please email the Comms team: [email protected]
-
About the British Insurance Brokers’ AssociationThe British Insurance Brokers’ Association (BIBA) is the UK’s leading general insurance intermediary organisation representing the interests of insurance brokers, intermediaries and their customers.BIBA membership includes more than 1,700 regulated firms, employing over 130,000 people across the UK. General insurance brokers contribute £26.1bn to the UK economy and arrange £150bn of general insurance premiums – over 5% of UK GDP. Insurance brokers put their customers’ interests first, providing advice, access to suitable insurance protection and risk management. BIBA receives hundreds of thousands of enquiries per year to its Find Insurance Services, online and via the telephone, which are directed to insurance broking firms. BIBA is the voice of the sector advising members, Government, regulators, consumer bodies and other stakeholders on key insurance issues.
