With one month to go until gender-neutral pricing becomes mandatory in the UK, the Association of British Insurers (ABI) stressed that “the insurance market will remain competitive despite the ruling and has published key consideration points for consumers set to be affected by the changes.”
ABI spokesperson Adeola Ajayi noted: “We lobbied against this ruling for nearly a decade. Insurance is all about matching price to risk and we wanted to retain the right to offer customers fair premiums and benefits based on risks linked to different genders.
“Insurers are now busy working hard to adjust their systems and remain committed to offering premiums and benefits that reflect risk as accurately as possible, despite having to ignore decades worth of data. The UK insurance market is competitive, with customers able to shop around many insurers, and it will remain competitive, gender or no gender.”
The ABI has produced
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