New European Union (EU) rules on neutral-gender pricing are set to come into force tomorrow – and insurers around Europe are preparing for the change.
The EU has reminded providers that they will have to charge the same prices to men and women who buy the same products, meaning prices for various types of cover could be set to rise or fall.
These changes are being introduced following a Court of Justice of the European Union ruling that found unisex pricing in EU legislation was incompatible with the different premiums males and females were paying based on their gender.
Viviane Reding, vice-president of the European Commission, said: “Gender equality is a fundamental right in the European Union and the Court of Justice made clear that this also applies to insurance pricing.”
Ms Reding explained the European Commission – which represents the interests of the EU as a whole – has been lending a helping hand to the insurance industry as it readies itself for the change, adding the sector has had more than a year in which to prepare for the switch.