Insurers are warning that unless financial products are excluded from the government’s proposed equality bill, there could be price increases across all age groups.
The intention of the proposals is to tackle age and gender discrimination in the workforce, but the Association of British Insurers (ABI) says that insurers should still be allowed to charge more on certain policies for consumers over a certain age.
A spokesperson from the ABI warned that if the government does not make an exception for insurers in its bill, the proposals could have the unintended negative consequence of forcing some insurers to withdraw certain products altogether.
However, online insurer Karma claims there is widespread age discrimination in the insurance industry and it hopes that the proposed bill will put an end to it. Managing director Brian Wright said: “I’m delighted the government recognises that the majority of insurers do not meet the needs of elderly travellers – our research reveals just how wide age discrimination is.”