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Travel insurance set to soar
September 21st, 2010 by elisa

A combination of a rise in VAT and large losses incurred by insurers means that travel insurance premiums are set to go up by more than 20%, according to provider P J Hayman.

It also said that it will be harder for people with pre-existing health conditions and there will be age restrictions put in place by many insurers.

Director Peter Hayman said that after three years of falling premiums, previously unthinkable increases are now being pushed through.

“Rate increases of 20+% are not untypical,” he said.

“These changes will take some time to filter through to the public. Many will coincide with the increase in insurance premium tax on travel insurance from 17.5% to 20% on January 4.”


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