Insurance Industry: Travel Premiums

Lord Mackenzie of Framwellgate Excerpts

Tuesday 28th June 2022 Lords Chamber

[Baroness Penn (Con)]

My Lords, I believe that the way the signposting agreement is designed ensures that, when a consumer is turned down for insurance or is charged a significantly higher premium for the medical element of it, the obligation is to directly signpost them to alternative provision or a register of specialist providers, so that every consumer who finds themselves in that position is given an alternative pathway to find insurance. There is a wider question about general knowledge of alternative provision beyond that sign- posting, and I will happily take that up with the FCA as well as in government.

[Lord Mackenzie of Framwellgate (Non-Afl)]

My Lords, do not certain insurance companies, such as Saga, specialise in insurance for elderly people? Perhaps the Minister can shed some light on that.

[Baroness Penn (Con)]

Certainly, there are providers in the marketplace that will then specialise. People should be signposted to such providers, so that they know there is a solution out there for them.