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Framework for a Fairer Future – The Draft Equality Bill - ABI - BIBA
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Framework for a Fairer Future – The Draft Equality Bill - ABI - BIBA

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ABI - Association of British Insurers: Information, not legislation, is best way to help older insurance customers

Thursday, 26 June 2008

Today's 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.'

Commenting, 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.

We 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."

Notes to this release:

The 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

Source ABI Press Releases

Brokers provide insurance solution to Government Equality Bill

27 June 2008

The British Insurance Brokers' Association (BIBA) has welcomed Government proposals for a draft Equity Bill.

The 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.

It 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 population.

BIBA 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.

Graeme Trudgill, BIBA Technical and Corporate Affairs Executive said: "BIBA welcomes the proposals for a draft Equality Bill as set out by the Government.

"We will continue to work with Government to help design the appropriate regulations for all consumers.

"The 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."

Notes to this release:

The BIBA Manifesto proposals on age criteria can be downloaded here. These were:

  • Reassessment of age criteria for the over 60's and for greater availability of cover
  • New health/travel/motor insurance products for this growing sector of the population
  • Greater flow of information between Government and industry
  • Industry and Government to work together to raise awareness of the insurance solutions and advice that brokers can offer.

More 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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