Following EIOPA’s survey on travel insurance (which involved also 14 insurance companies in Italy, 5 of which foreign), on 28th October IVASS published a press release on its website in which the Italian regulator anticipates that the sector will be scrutinized more closely, together with EIOPA and the other EU regulators.

In particular, in the press release, IVASS claims that EIOPA’s survey highlighted various criticalities impacting on the consumers’ protection, such as (i) unclear general terms and conditions, including exclusions and limitations (which are often scarcely transparent and excessive), and (ii)  high levels of commissions paid to the distributors (travel agencies, mainly), which, often linked to low indemnifications in respect to the premiums paid by the policyholder, confirm the scarce added value that these policies provide the policyholders with.    

IVASS further states that EIOPA reminds that the above is not perfectly in line with the IDD, which requests the operators to act in the best interests of the policyholders and the assureds and to carefully evaluate the demands and needs of the policyholders.