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EU Drops Plans for unisex insurance premiums
The EU has dropped its controversial plans to introduce unisex insurance premiums as too many member states voted against the plans. Ministers from 17 of the 25 member states called for insurance to be excluded from the new EU gender directive. The new directive is to be redrafted without the insurance clause. Recently, insurance companies had been able to charge up to ?500 more for car insurance for men aged between 17 and 24 because for decades men had been considered more likely to make a claim resulting in a higher risk premium. On retirement income men can secure a higher retirement when purchasing an annuity because their average life span is shorter. The Commissioners deemed that the differential pricing structure was discriminatory, a clause that would have come into force in the summer of 2005. The only companies to vote for the clause included Denmark, Sweden, the Czech Republic, and a few smaller states. The UK, France, Germany, Italy, and Spain were among those to reject the proposals. The Association of British insurers welcomed the ruling saying that if the proposal had become law all policyholders would have seen their premiums rise to pay for the radical overhaul of the way insurers set their premiums.
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