Wednesday, 18 July 2018

EIOPA launches EU-wide thematic review on consumer protection issues in travel insurance



European Union-wide thematic review seeks to identify:
 Potential sources of consumer detriment in travel insurance
 How new business models, in particular, in distribution, impact consumers and the travel insurance industry
 Possible supervisory and regulatory actions needed to ensure consumer protection
 Best practices to provide guidance to insurance undertakings in implementing national provisions of the Insurance Distribution Directive (IDD) for the distribution of travel insurance as well as other types of insurance products

European Insurance and Occupational Pensions Authority (EIOPA) launched a thematic review on consumer protection issues in travel insurance. The purpose of the review is to identify consumer protection issues in travel insurance and possible actions to ensure better consumer protection.

Through the review, EIOPA will assess potential sources of consumer detriment stemming from how travel insurance products are designed, distributed and sold within the European Union. In particular, EIOPA will consider the impact of emerging distribution and business models on consumers and, more broadly, on the insurance industry.
Where the impact results in consumer detriment, EIOPA intends to identify the steps needed to ensure that consumers are treated fairly. Given that travel insurance is frequently sold through cross -selling as an ancillary product, EIOPA will pay special attention to these distribution practices.
The aim is to identify best practices to provide guidance to insurance undertakings in implementing  national provisions of the Insurance Distribution Directive (IDD) for the distribution of travel insurance as well as other types of insurance products.
The thematic review will be conducted in close cooperation with national competent authorities (NCAs) that will identify and gather data from participating insurance companies. EIOPA plans to publish the key findings from the review in the first quarter of 2019.
Gabriel Bernardino, Chairman of EIOPA, said: “Travel insurance has too often been under the spotlight with the persistent appearance of a number of consumer protection issues. This review will enable us to gain a deeper understanding of the reasons leading to potential consumer detriment and to identify the required actions that will better protect consumers.” The questionnaire circulated by the NCAs to a representative sample of insurance undertakings can be viewed via EIOPA’s website.

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