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. 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. Cancer charities have called for the government to introduce an insurance scheme similar to those in place for people with other forms of cancer. 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.
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. Cancer charities have called for the government to introduce an insurance scheme similar to those in place for people with other forms of cancer. 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.