Broadening your horizons.
Recent legislation affecting the selling of travel insurance could mean more business for brokers, although the value of this market lies more in the opportunities it offers for cross-selling, says Jacqueline Page.
The broker market for travel insurance has traditionally suffered atthe hands of travel agents, but over the past few months changes linked to
regulation have enabled brokers to start making greater in-roads into the
£462m-a-year industry.
Among them have been the Monopolies & Mergers Commission ruling that
agents could no longer tie-in travel insurance with package holiday
sales.
The levelling of the playing field in terms of insurance premium tax has
also played a part, along with the subsequent
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