Stephen Haddrill, director general of the ABI, has welcomed the Government's stance on insurance companies' use of personal data to set product premiums.
In its Government's Discrimination Law Review, entitled: 'A Framework for Fairness: Proposals for a Single Equality Bill for Great Britain', the ABI states it is for insurance companies to base premiums on age and gender.
Haddrill says: “Different groups of people represent different levels of risk in some types of insurance. We agree that specific legislation on insurance in the proposed Single Equality Bill is unnecessary and would be expensive for customers.
“We support the Government’s efforts to ensure that, when the EU Gender Directive becomes law in the UK later this year, it is applied in a way that minimises bureaucracy for insurers and costs for our customers.”
On Monday Haddrill called on the Government to raise the initial rate of employer contributions to personal accounts, from 1% in the first year to 3%.
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