UK insurance market set to remain competitive

The insurance market in the UK is set to remain competitive despite the impending introduction of gender-neural pricing in December.

This is according to the Association of British Insurers (ABI), which has published key consideration points – one month before the changes come into play – for consumers to be impacted by the alterations

Adeola Ajayi, spokeswoman for the ABI, explained people will still be able to shop around many insurers, with competitive deals to be found regardless of the new ruling.

Ms Ajayi stated: “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.”

The ABI – which serves as the voice of the insurance industry in the UK – pointed out a number of policies will be affected by the changes, including motor, life, critical illness and income protection, while also reminding consumers that gender is just one factor taken into account by providers when calculating premiums and benefits.

Customers should take out arrangements best suited to their needs, rather than focusing on price alone, the body added.

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