The Association of British Insurers (ABI) has predicted that the insurance market will remain competitive after the coming into effect of the new gender ruling which will mean that gender cannot be used as a risk category to price insurance.
ABI spokesperson Adeola Ajayi said that the organisation had lobbied against the change for almost a decade, adding that insurers were working hard to adjust their systems even though it meant ignoring decades of data.
Car insurance has been the area of most interest, where women previously had an advantage in pricing due to being less risky drivers than men.
However, many insurance sectors will be affected, including life, critical illness and income protection insurance and retirement products, such as annuities.
Earlier this month uSwitch warned that the gender directive could lead to almost a quarter (24%) of female drivers being priced off the road.
Category: ABI News, Car Insurance News, Insurance News
