Sex, protection and the end of the world
Published ¤ 21/12/2012 11:03:53
The Mayan calandar ends today, 21st December 2012, and many people believed that would mean the end of the world. However, I am still here, as are you, or you wouldn't be reading this! Many insurance companies will be glad, having spent months building up for today's "gender directive" launch.
The European Court of Justice announced in March 2011 that pricing based on gender would be outlawed as of 21st December, as it is "inconsistent with the basic principles of EU law". Insurance companies have been working hard to ensure their systems and processes are in place for today, when the EU Gender Directive (EUGD) comes into force.
So how does this affect us? Well, primarily, the cost of some insurances will rise from today, including life insurance and car insurance. For some young female drivers, the cost will rise by up to 40%, while the cost of life cover has risen by up to around 15%. The reason is that historically, women have provided a lower risk to insurers, since they are responsible for less claims on car insurance, and typically live longer than men. However, the EUGD means that men and women must be treated equally, which includes the calculation of insurance premiums.
We have been banging on about this change for some months now, and we have seen a huge increase in applications from women for life insurance in the run up to the deadline. Paul Skinner, one of the top brokers in the South, said "Although we have been telling people about this change for some time, it is only in the last 2 weeks that we have seen any significance surge in sales. However, this week, sales have risen by almost 1000%, with people panicking to get their policy before any price rise. This is definite proof that 'sex sells'.
"Interestingly, however, even today, now the price rises have taken effect, we are still seeing a significant increase in enquiries regarding life insurance, particularly from women. I think that one good thing to come out of this is that it has raised awareness of the need for protection."
If you are concerned about protecting your family, or if you think you may be paying too much for your life insurance, why not call PKS, and have a chat about your options.
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