Question to the HM Treasury:

To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of establishing a cross-sector taskforce led by the Economic Secretary to the Treasury to (a) assess the barriers people with cancer face when seeking travel insurance and (b) make recommendations on improving (i) transparency and (ii) access in the insurance market.

Treasury Ministers and officials regularly engage with a variety of stakeholders, including other departments and representatives of the insurance industry, on a range of issues. The Government recognises the important role of insurance products, including travel insurance, in building the financial resilience of consumers and protecting them when things go wrong.

Insurers make commercial decisions about the terms on which they will offer cover following an assessment of the relevant risks. For example, a history of serious illness such as cancer, may increase the likelihood or severity of a claim, which in turn affects the premium an insurer decides to charge or whether they offer cover at all.

However, the Government is determined that insurers should treat customers fairly and firms are required to do so under Financial Conduct Authority (FCA) rules. The FCA is the independent body responsible for regulating and supervising the financial services industry. The FCA requires firms to ensure their products offer fair value (i.e. if the price a consumer pays for a product or service is reasonable compared to the overall benefits they can expect to receive).

In addition, since April 2021, the FCA has required firms offering travel insurance to signpost consumers to a directory of specialist providers if they are declined cover, offered cover with an exclusion, or charged a significantly higher premium based on their pre-existing medical conditions.