David Ball
European Courts require gender equality in insurance products
23rd May 2011
European Courts require gender equality in insurance products
Those who keep up-to-date with our latest news items online will recall one of our articles on 15 February 2011 was detailing the expected judgement due on 1 March by the European Court of Justice in regards to the legality of gender risk differentiation in insurance products.
As expected, following its previous preliminary opinion, the European Court of Justice ruled on 1 March that insurance companies will be barred from putting any emphasis on the gender of an individual when pricing insurance contracts; with insurance companies in the UK and other EU member states having until 21 December 2012 to comply.
The impact of this ruling on annuity rates and insurance premiums, amongst other insurance products, is yet to be seen, however it will inevitably become obvious to us all as the deadline draws closer.
There are a few individuals in the industry suggesting that this is an opportunity for new products, however most are less optimistic as to the changes that will result from such a ruling.
