The EU has [broken link removed] insurance companies from assessing premia according to gender.
This has far reaching consequences to life and car insurance products.
Life insurance companies will have to reprice their life insurance, income protection, car insurance and annuity rates and charge men and women of the same age the same rates so:
Male pension annuity rates will fall.
Female car insurance will rise.
Female life insurance rates will rise.
Male income protection premia will rise.
It seems a crazy verdict as it has been proven that women are safer drivers than men, women live longer than men and women also claim more on income protection products. It's not like the insurance companies were discriminating on an arbitrary basis.
This will apply from Dec 2012.
This has far reaching consequences to life and car insurance products.
Life insurance companies will have to reprice their life insurance, income protection, car insurance and annuity rates and charge men and women of the same age the same rates so:
Male pension annuity rates will fall.
Female car insurance will rise.
Female life insurance rates will rise.
Male income protection premia will rise.
It seems a crazy verdict as it has been proven that women are safer drivers than men, women live longer than men and women also claim more on income protection products. It's not like the insurance companies were discriminating on an arbitrary basis.
This will apply from Dec 2012.