Most people will be paying higher insurance premiums if Europe outlaws policies based on gender. Critics are saying that the ruling will cause the insurance industry in Britain to raise almost £1 billion to guard against whatever new uncertainty that will be created in the market. By giving power to unelected judges, this is the outcome for consumers, says Stephen Booth of Open Europe, a think-tank.
Countries have had the rights to side step anti-discrimination laws hence it is common throughout Europe to base insurance rates on the different life expectancies or traffic accident records between men and women, but all that could change tomorrow with the expected changes coming from the European Court of Justice with regard to the new rights in the Lisbon treaty.
Insurers that are effected private medical insurance, annuities and pensions schemes, will have three year to make changes. Women are going to be affected since they are the better drivers, say website Confused.com officer Mike Hoban, adding that you will have to shop around.
As a whole this is not making it fairer between men and women, it is only increasing the costs for consumers across the board he added