for a Fairer Future The Draft Equality Bill - ABI - BIBA
ABI - Association of British Insurers: Information, not legislation, is best way
to help older insurance customers
26 June 2008
announcement of the Government's intention to publish an Equality
Bill, which would include provision to outlaw unjustifiable discrimination
based on age, will not affect the differential provision of products or services
for older people where this is justified.'
Nick Starling, the ABI's Director of General Insurance and Health, said: "Insurers
agree that unfair discrimination on the basis of age is wrong. That is why they
do not practice it. The Government, organisations that represent older people
and the insurance industry agree that insurance premiums should reflect the risk
presented by individual consumers.
are engaged in discussions with the Government on the proposed Bill, which we
hope will endorse this important principle. Legislation, no matter how well-intentioned,
could have the unintended negative consequence of forcing some insurers to withdraw
certain products altogether, reducing competition and availability and pushing
up prices for all age groups.
Insurance for older people is available from a range of providers. For example,
single trip travel insurance is widely available for older people at fair prices.
However, we recognise that some people may need more help to find the most appropriate
insurance policies for them. We are working to improve this, and we know that
the Government and age charities will support our efforts in this area."
to this release:
document published today, Framework for a Fairer Future - The Equality Bill, states
on page 16: "The new law...will not affect the differential provision of products
or services for older people where this is justified - for example free bus passes
for over-60s and priority flu vaccinations for over-60s or group holidays for
particular age groups or actuarially justifiable age-based treatment in areas
such as financial services."
The ABI is the trade association for Britain's insurance industry. Its nearly
400 member companies provide over 94% of the insurance business in the UK. It
represents insurance companies to the Government, and to the regulatory and other
agencies, and is an influential voice on public policy and financial services
issues. ABI member companies hold up to a sixth of all investments traded on the
London Stock Exchange, on behalf of millions of pensioners and savers
ABI Press Releases
provide insurance solution to Government Equality Bill
British Insurance Brokers' Association (BIBA) has welcomed Government proposals
for a draft Equity Bill.
BIBA 2008 manifesto calls for change to respond to the fact that people are living
longer healthier lives. In particular, BIBA believes there is a need to review
outdated criteria for accessing and setting insurance premiums.
is important that consumers get the right cover at the right price and BIBA believes
that risk based pricing is the best approach to meeting the needs of the entire
supports a ban on unjustifiable age discrimination. However, the Association is
urging caution to protect the many customers who benefit from discounted premiums,
designed to appeal to their particular age group. Where it is possible to give
certain age groups specific products and pricing this should be allowed to continue.
Trudgill, BIBA Technical and Corporate Affairs Executive said: "BIBA welcomes
the proposals for a draft Equality Bill as set out by the Government.
will continue to work with Government to help design the appropriate regulations
for all consumers.
important thing to remember is that cover is already available to all ages from
BIBA members at a fair price. We would urge consumers not to always rely on the
internet or on brand products which may not prove competitive for their particular
age group. A broker can provide an independent quote for everybody whether they
are young drivers or older travelers."
to this release:
BIBA Manifesto proposals on age criteria can be downloaded
here. These were:
of age criteria for the over 60's and for greater availability of cover
health/travel/motor insurance products for this growing sector of the population
flow of information between Government and industry
and Government to work together to raise awareness of the insurance solutions
and advice that brokers can offer.
information about The new Equality Bill- Framework for a Fairer Future - The Equality
Bill and Press Releases June 2008 - Click on logo
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