LONDON, June 20 (Reuters) - Britain’s markets watchdog opened a public consultation on Tuesday to see if changes are needed to make it easier for people with cancer to get travel insurance. The Financial Conduct Authority (FCA) said it was also looking at the reasons for pricing differences in premiums quoted by insurers. The consultation is part of a wider look at problems some consumers can face when trying to buy insurance. The FCA said insurance markets were becoming more segmented with the use of “big data” - or very detailed information about which customers pose the highest risk to insurers. Such customers may have to “navigate an increasingly complex and confusing market” to find insurers willing to cover them. “These issues are particularly apparent for those with, or recovering from, cancer,” the FCA said. Reporting by Huw Jones; Editing by Susan Fenton
The UK’s Financial Conduct Authority (FCA) has opened a public consultation on whether changes are necessary to ensure that cancer patients can acquire travel insurance. The FCA will also be examining the variation in pricing premiums from insurers as part of a wider inquiry into obstacles consumers encounter when purchasing insurance. The FCA has said that insurance markets’ use of “big data” was creating an increasingly divided market that made it difficult for customers to find insurers to cover them, with these issues “particularly apparent” for people that currently have, or are recovering from, cancer.