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'Travel insurance sector needs regulation'

(27 Feb 2007)

Going on holiday? – Get a great deal on travel insurance

The travel insurance industry needs tighter regulation, MPs have suggested.

According to figures published by the Treasury Select Committee, some ten million holidaymakers who went abroad last year would not have been covered by their travel insurance if they were involved in a terrorist attack.

Labour MP John McFall, chairman of the committee, said: "There are huge numbers of people, millions literally, who have been sold travel insurance policies which do not meet their needs."

He added: "All too often, exclusions are buried in the small print."

The report follows research by the British Insurance Brokers' Association (Biba) which claimed about 97 per cent of consumers want the government to protect them from travel agents who fail to fully explain the details of their travel insurancecover.

Biba revealed that although stand-alone travel insurance brokers, such as Go Travel Insurance, are subject to regulatory legislation as are other forms of insurance, travel insurance sold by travel agents as part of a package deal is exempt.

However, tourists will be glad to know that Go Travel Insurance offers a range of comprehensive travel insurance policies covering a wide variety of sports and activities.

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