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Insurers can’t charge women less than men

The European Court of Justice has ruled that insurers can’t consider gender when setting insurance premiums.

01-03-2011

Charging men more for car insurance than women would amount to sex discrimination. Will premiums for men go down while premiums for women rise? Probably. If the degree of risk has been accurately calculated into the premiums in the past it’s likely that premiums for men will remain the same and those for women rise to match. If premiums for men reduce to the level of women’s premiums I’ll eat my hat.

Annuity rates have changed already in anticipation of the ruling.... but as implementation has been deferred til 21st Dec 2012. As things stand, women receive lower pension annuity rates because they tend to live for longer than men.

Because women have a longer life expectancy, they pay less for life assurance but more than men for critical illness insurance.

We'll be keeping a watch on changes.  

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