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01/03/2011
Gender Ruling Hits EU Insurance And Pensions
The European Court of Justice (ECJ) has ruled that insurers cannot adjust premiums according to gender.
The move will mean that women can no longer be charged lower car premiums than men, and the cost of buying pensions annuity will change.
The amendment will come into effect in December 2012, however customers could see premiums adjust earlier.
Insurance industry representatives have expressed their disappointment.
The court ruling was on a challenge by Test-Achats - a Belgian consumer group, who argued that a current exemption for insurers contradicted the wider European principle of gender equality.
The ECJ said: "Taking the gender of the insured individual into account as a risk factor in insurance contracts constitutes discrimination.”
(BMcN/GK)
The move will mean that women can no longer be charged lower car premiums than men, and the cost of buying pensions annuity will change.
The amendment will come into effect in December 2012, however customers could see premiums adjust earlier.
Insurance industry representatives have expressed their disappointment.
The court ruling was on a challenge by Test-Achats - a Belgian consumer group, who argued that a current exemption for insurers contradicted the wider European principle of gender equality.
The ECJ said: "Taking the gender of the insured individual into account as a risk factor in insurance contracts constitutes discrimination.”
(BMcN/GK)
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