IT MAY not be on the same scale as finding out that the airline carrier you've booked your flights with has collapsed, but the stress and bureaucracy involved in making even a minor travel insurance claim is enough to give anyone the post-holiday blues.

The Irish Financial Services Regulatory Authority has finally taken a stand on the unreasonable practices employed by travel insurance companies when dealing with claims relating to the loss or damage of their customers' belongings.

Following an examination of practices in the industry, the regulator has informed insurers that it is unfair to expect claimants to produce receipts for belongings that had a low value, or that were not purchased immediately before the journey in question.

A small number of insurers insist that receipts or other proofs of purchase must be produced in all circumstances, but the regulator has advised insurers to take a "balanced and fair view" before making a decision as to whether receipts are necessary.

"It is unreasonable to expect that consumers will have proof of purchase for all items," said the consumer director of the financial regulator, Mary O'Dea.

Insurers have also been advised to produce a standalone information sheet that explains to customers what they should do if their belongings are lost or damaged.

"We are urging travel insurers to make their policy conditions and claims process abundantly clear and at the same time we are suggesting to consumers that they look beyond the price and check what cover is offered under their travel insurance policy," O'Dea added.