Travel rates need sharp hike if sector is to turn profit

Mike Webb, CEO of Mondial Assistance said despite the fact many companies were still losing money on travel insurance there were still underwriters quoting prices that could only produce significant losses.

“The continuing increase in medical costs, customer expectations, insurance regulations and changes in customer demographics mean that rates need to increase by 20% to 30% across the board, if the industry is to return to realistic long term profitability,” said Mr Webb.

“Insurers have