New Year brings changes to travel insurance industry
27 January 2009 08:05
Traditionally, January brings with it the hope for a fresh start and this year it seems that the travel insurance industry has a few resolutions of its own.
That is the suggestion of an article in the Observer, which claims that things are all change when it comes to holiday insurance this month.
The newspaper explained that tour operators are turning to protection in order to win consumers, with a growing list only too eager to provide "cover for eventualities", such as airline failures.
Further still, January 2009 is the first time that all travel insurance policies booked through a tour operator or travel agent will be regulated by the Financial Services Authority, potentially meaning better protection for consumers.
Speaking to the Observer, Kelly Ostler-Coyle, of the Association of British Insurers, noted: "Now everyone has the same right of comeback if they run into trouble with their travel insurance.
"Before, if you booked your insurance through a travel agent or operator, you had no comeback."
This week, Rock Insurance urged operators and travel agents to embrace the new FSA regulation if they wish to benefit from it during tough economic times, Travel Weekly reports.