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Insurers must publish data on gender pricing

New EU rules will force insurers to publish data to justify charging men and women different premiums on products such as annuities and critical-illness insurance.

The gender directive comes into effect on December 21 and requires that men and women should not pay different insurance premiums on the basis of gender.

The UK intends to opt out of this part of the directive but insurers will be required to compile, publish and update data supporting the use of gender as a differential factor in pricing.

Three options for the form of this data have been put forward by the Treasury in a consultation paper this week. The options suggested are relying on existing published data sources, full disclosure of all underwriting data by insurance companies or collective publication arrangements through an agency such as the Association of British Insurers.

ABI director of public affairs Hugh Savill says he believes insurers will choose the third option of publishing the data collectively because the second option would be anti-competitive.

Savill says: “We have come a long way from the original directive which proposed a complete ban on gender-based differences in premiums. Our hope is the publication of this data will not affect providers.”

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