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Insurers should do more to help cancer patients, says FCA

Insurance companies should do more to help customers suffering from cancer, the City regulator has said.

It follows a case in which a nurse with terminal breast cancer was quoted a minimum of £2,800 for travel insurance for a trip to Dubai.

The Financial Conduct Authority (FCA) said that sufferers can sometimes find travel insurance more expensive than the rest of their holiday.

It has asked the industry to come up with ideas for helping such consumers.

The woman with breast cancer eventually found insurance for £800, through a specialist provider.

Such providers can sell insurance cover “at a fraction of the cost”, the FCA said.

But they are not well known and rarely appear on mainstream price comparison sites, it added.

“Financial services need to be able to adapt to the changing circumstances that life throws at people, rather than being designed for the perfect consumer who never experiences difficulty,” the FCA said.

Industry bodies such as the Association of British Insurers and the British Insurance Brokers Association already operate a code of practice for vulnerable and disabled customers.

However, the FCA said it expected more to be done to help them.

Source: business

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