MSE News: EU ruling could throw insurance pricing into chaos

starrystarry

dacouch wrote: »

I have letter after my name too...

And.......?

starrystarry

mikey72 wrote: »

Little Red Riding Hood references are far too philosophical for me.
I'd have put you in the "Hatchet" Harry Lonsdale class myself.

Whoever he is.

dacouch

starrystarry wrote: »

Do carry on, it's very entertaining to hear you spouting off about a job role you clearly know nothing about.

You stated, I was spouting off about a job, I know nothing of. I know as much or probably more about underwriting as you do

Underwriter

OshayAway wrote: »

What about reviewable (not renewable) critical illness cover?

Good question, I don't know - to be honest I don't know of any companies who have reviewed their CI book in this way, it would be a complete nightmare.

If premiums have to be reviewed retrospecitvely it will apply to them all, as European law will overrule the guarantee given on premiums.

So I can't see any companies using the review to apply premiums as a result of this law, it will be all or nothing.

But this is complete speculation on my part.

Percy1983

Looks like its happened!

To be honest I don't mind if my premiums stay the same, knowing a women who is proven a worse driver than me will be paying more rather than less makes me feel much better.

Shame the delayed the implementation, my insurance renewal is the 18th March

KevinG

Percy1983 wrote: »

Looks like its happened!

To be honest I don't mind if my premiums stay the same, knowing a women who is proven a worse driver than me will be paying more rather than less makes me feel much better.

Shame the delayed the implementation, my insurance renewal is the 18th March

If she is proven to be a worse driver, she would have paid more anyway. These factors are taken into account in calculating premiums, as was gender because it was a good predictor of likely future claims, but now cannot be used, so most of us will end up paying more.

Percy1983

KevinG wrote: »

If she is proven to be a worse driver, she would have paid more anyway. These factors are taken into account in calculating premiums, as was gender because it was a good predictor of likely future claims, but now cannot be used, so most of us will end up paying more.

Thats not true, been getting quotes as my insurance renewal is coming up, just to see I amended it to female, with 1 years no claims and an accident (I currently have no accidents and 8 years NCB) and it got cheaper.

JimmyTheWig

KevinG wrote: »

If she is proven to be a worse driver, she would have paid more anyway. These factors are taken into account in calculating premiums, as was gender because it was a good predictor of likely future claims, but now cannot be used, so most of us will end up paying more.

Not necessarily true.
It could be a case that by being a worse driver by a certain metric increases your premium by £50, while being male increases your premium by £100.
Therefore the worse driver woman is still paying £50 less than the better driver man.

I would like to think that it would depend on how you define "worse driver". There will be some cases of "worse driving" which will increase the premium by more than being male does.