European Court of Justice Ruling on Insurance

Yesterday’s ruling by the European Court of Justice which prohibits the use of gender in underwriting will is likely to affect life assurance rates and annuities as well as the well reported increases in car insurance that are expected for female drivers.  For life assurance and annuities in particular, it seems that this ruling is totally non-sensical.  Females normally get lower life assurance premiums and lower annuity rates because they generally live longer than males.  This is not gender bias; it is based on natural fact.  It will be interesting to see what changes insurance companies will make – will life assurance premiums drop for men, or will they increase for women?  Conversely, are women going to get more from annuities in future, or will men see a drop in what they will be able to obtain?

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