News - Women drivers’ cover decision due
Posted on April 23, 2008 in the Finance insurance category
A European Commission proposal to ban insurers from using gender to assess premiums is likely to be watered down, the Financial Times has reported.
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However, the role of gender in premium calculations will be export finance and insurance At present gender assessment means women pay less for car insurance.
Industry fight The proposal to extend sex discrimination laws to the assessment of insurance premiums will be discussed at meeting of the EU Council of Ministers on Monday.
Several EU countries, including the UK, are believed to be against the proposal. The proposal requires an unanimous vote amongst ministers to get the green light. The UK insurance industry has waged a campaign to have the proposal defeated. Insurance firms have maintained that gender is a valid factor in assessing risk. They have argued that since women have fewer accidents than men, they should enjoy lower car insurance premiums. On the flip side, mens’ life expectancy is less than womens’ and as a result men enjoy higher annuity rates. “The truth is that women have fewer car accidents than men and that males on average live 3 or 4 years less than females,” Malcolm Tarling, spokesman for the Association of British Insurers, told BBC News Online. “If these factors changed then so would premiums.”
A compromise solution, involving regular meetings between anti-discrimination bodies, the insurance industry and approach estate estate finance hill in insurance irwin mcgraw principle real real series value
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