Month: March 2011

EU Gender Directive – important update

The Court of Justice of the European Union decided today that insurance companies are no longer allowed to use gender as a factor for assessing risk. This change is effective as of 21st December 2012.

This means that from that date the rates for all types of insurance eg life, motor, incapacity will be the same for men and women. It will also affect annuity rates. Mostly, women will be disadvantaged by this since they benefit from better current rates due to their greater longevity and the fact that contrary to popular rumour about women drivers they constitute a lower moral hazard to motor insurers.

The bizare aspect about this Euro nonsense is that age discrimination still appears to still be allowed when it is now banned in many countries such as the UK.