The Association of British Insurers (ABI) is publishing gender tables to help insurers set prices for their products after a change in the law.
The tables, devised in collaboration with the Continuous Mortality Investigation (CMI), illustrate the differences in claims patterns for males and females for life and protection insurance, as well as other products.
In April, the EU Gender Directive was made into English law through the Sex Discrimination Regulations, allowing insurance companies to use gender differences when pricing their policies.
An ABI spokesman says: “The insurance industry is against unfair discrimination of any kind, and does not practice it.
“But it is legitimate for companies to set prices, levels of cover and benefits according to a number of factors which together determine the relative risk that any given customer poses. This principle has long been accepted by society.
“The Gender Directive, and the UK Government’s transposition of it into domestic legislation, recognised this, and charged the insurance industry with compiling and publishing data to show the relevance of gender in making underwriting decisions. This has now been done.
“As a result, customers will continue to be able to benefit from fair pricing and a range of products which suit their needs, at affordable prices.”
020 7034 2636
£300bn of liabilities
View from the front row
Transfer from occupational scheme
Appointed by FCA and PSR boards