Mine sometimes makes the ticking noise (faster rate as well occasionally) but I didn't think that the lights were actually flashing as the little green triangles don't show on the dash. You've got me worried, though - next time I'll get out and check. I can usually stop it by flicking the stalk a few times. Usually happens in a car park for some reason!
Mine did this while travelling from Wales to Kent! Very annoying. Either replace the indicator switch or take it to pieces carefully, clean the inside especially the indicator contacts, put a little (not more than a smear) of Vaseline across the contacts and, if the problem is the same as I had this should cure it at no cost! It appears to be caused by 'tracking' from one contact to the other. Cleaning removes this.