This week the European Insurance and Occupational Pensions Authority (EIOPA) announced a thematic review on consumer protection issues in travel insurance throughout the European Union (EU). The purpose of the review is to identify consumer protection issues in travel insurance and possible actions to ensure better consumer protection.
The EIOPA plans to assess potential sources of consumer harm stemming from how travel insurance products are designed, distributed and sold within the EU. In particular, EIOPA 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
Additional information concerning the EIOPA thematic review is available here.