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