Up to 20% rate hikes required to salvage travel insurance sector
Drastic rating action is required in the travel insurance industry if the negative impact of the recession is to be properly mitigated
Drastic rating action is required in the travel insurance industry if the negative impact of the recession is to be properly mitigated.
The warning has come from Peter Hayman, director of travel insurance specialists, PJ Hayman, who claimed that rates would need to harden by as much as 15-20% to accommodate the huge losses the sector had experienced due to the weakness of the Sterling, increasing claims costs and the collapse of several tour operators and airlines.
"Although the Sterling is
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