Changes to EU law on insurance – big implications

New EU laws on insurance are due to come into effect this year, which will primarily impact on the variances between insurance premiums chargeable for men and women. The changes will make such differentials unlawful, but an analysis suggests that there will be winners and losers based on the changes. The predicated changes are likely to be :-

• An increase in motor insurance premiums for women . The Government estimates women drivers aged up to 45 will pay over £900million more annually. Women under 25 may have to pay an extra 25% while men in the same age group may save an average 10%.
• Women will likely benefit when it comes to annuity payouts – estimates suggest that on average they will benefit by over £300.00 a year