Millions of men approaching retirement could be left thousands of pounds worse off if a European court rules on 1 March that insurance companies can no longer use gender to calculate annuity rates and insurance premiums.
Young women drivers will also be hit hard if “gender discrimination” is ruled illegal. An Association of British Insurers research paper claims some under-25s may face motor insurance increases of between 50% and 60% almost overnight – which could translate into an extra £500-£1,000 a year.
Many in the UK insurance industry believe it is likely the European court of justice (ECJ) will ban insurers from taking a person’s sex into account when setting premiums. Such a ruling would have huge ramifications for financial services firms, as it would also force a shake-up in life insurance and private medical insurance pricing.
Proposals for “gender equality” in insurance have been discussed for years. In 2004, the
Recent Comments