MSE News: Insurance costs to soar as gender discrimination banned

Underwriter

huckster wrote: »

I would be surprised if they did not take the opportunity to increase premiums across the board. So it will not just affect women.

We'll have to review premiums, of course. Decades of data have been wiped out and we've got to come up with a composite rate. I'm not sure what you mean by your statement; in an intensely competitive market any company that hikes its premiums up too high will lose. Any company that sets its premiums too low will end up not being able to pay their claims or keep their shareholders happy, so they will lose. The market has to set premiums to be competitive and to cover costs, and to make a profit (for the shareholders). In real terms life insurance is cheaper now than it was 10 or even 20 years ago - this will now have to change.

ashleypride

plumber2009 wrote: »

About Time this happened.

A women driver has statisticly the same chance of being involved in an accident as a man does.

Equal rights have to work both ways.

And the proof you have for that is?

Underwriter

plumber2009 wrote: »

About Time this happened.

A women driver has statisticly the same chance of being involved in an accident as a man does.

Equal rights have to work both ways.

:T

A statement so incorrect that I wouldn't even know where to start. If I were you I'd stick to plumbing!:)

KevinG

plumber2009 wrote: »

A women driver has statisticly the same chance of being involved in an accident as a man does.

Not true - that's the whole point!

pinkteapot

plumber2009 wrote: »

A women driver has statisticly the same chance of being involved in an accident as a man does.

Incorrect.

Under the age of 22, men are 10 times more likely to have a serious crash, 25 times more likely to commit a motoring offence and twice as likely to make a claim as women.

As people get older, it evens out.

For young drivers, insurers charge men more because of this. The effect of gender rating lessens as you get older. Again, because of the statistics.

ashleypride

bert&ernie wrote: »

There may well be some biological influence on life expectancy, but you can't attribute the entire difference to this factor

Of course you cannot attribute all differences to biology - just a bit wodge of it.
The best way for a young male to live longer is to chop his nuts off before hitting puberty.

cogito

Oh really? How exactly?

Insurers won't be reducing premiums for men so inevitably they will have to increase premiums for women. Is that really so difficult for you to work out for yourself?

huckster

Underwriter wrote: »

We'll have to review premiums, of course. Decades of data have been wiped out and we've got to come up with a composite rate. I'm not sure what you mean by your statement; in an intensely competitive market any company that hikes its premiums up too high will lose. Any company that sets its premiums too low will end up not being able to pay their claims or keep their shareholders happy, so they will lose. The market has to set premiums to be competitive and to cover costs, and to make a profit (for the shareholders). In real terms life insurance is cheaper now than it was 10 or even 20 years ago - this will now have to change.

Yes you make my point. I was just stating that it is not as simplistic as some may think, which is probably why the Insurers have been given until 21/12/2012.

plumber2009

So if a driver (man or woman) decides to crash into me, how would the driver know wether i was a man or a woman.

An accident can happen to anyone at any time. I dont give a toss what the insurance comanies say. I see it all for myself on the roads everyday. Also young women drivers today are worse than men.

Tougher penalties for using mobile phones and women messing around with makeup while driving should be introduced as these are the main causes of accidents and not gender.

Percy1983

pinkteapot wrote: »

Incorrect.

Under the age of 22, men are 10 times more likely to have a serious crash, 25 times more likely to commit a motoring offence and twice as likely to make a claim as women.

As people get older, it evens out.

For young drivers, insurers charge men more because of this. The effect of gender rating lessens as you get older. Again, because of the statistics.

Inncorrect.

As individuals we all make different choices and behave in different ways, to split into 2 groups and say all of each group behave in the same way is descrimination... oh wait they figured that and stopped it, well done europe!