Insurance brokers are concerned that the new Equalities Bill, which may come into force by 2010, could mean premiums spiral.
It would also mean insurance would become more complicated for agents to sell as they would have to conduct full risk assessments on customers for insurance companies.
Rock Insurance managing director Antony Martin, said: “As things stand, the insurance market is able to provide competitive insurance for people under the age of 70. I’ve spoken to insurers at great length and if the upper age limit is removed they may stop offering annual cover.
“It could also push up the cost of insurance [across the board].”
Anthony Kaye, managing director of travel industry insurance brokers Campbell Irvine, agreed the measures could force insurance costs up significantly.
Companies would seek to balance out potential losses if they are forced to abandon age limits on policies.
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