ABI: Equality Bill must focus on genuine discrimination, not on insurance, says the ABI

The Equality Bill published today must avoid imposing any restrictions on the use of age by insurers, warns the ABI. Artificial age restrictions will only mean higher insurance costs and less choice.

Commenting on publication of the Bill, Nick Starling, the ABI’s Director of
General Insurance and Health, said:

“Insurers oppose unfair discrimination. But outlawing the use of age would lead to higher insurance costs for all customers, as insurers would have insufficient information to fully assess the risk, and less choice for consumers.

“We dispute the Government’s claim that one in five older people have trouble getting motor or household insurance. Our research shows that 99% of older customers can obtain motor insurance, with 98% able to buy travel insurance. We will be monitoring secondary legislation carefully to ensure that insurers remain able to offer competitively priced products to all ages.”

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Notes for Editors

1. Enquiries to:
Jonathan French 020 7216 7392 (Mobile: 07958 330 480)
Malcolm Tarling 020 7216 7410 (Mobile: 07776 147 667)
Erfan Hussain 020 7216 7411 (Mobile: 07712 841 184)
Kelly Ostler-Coyle 020 7216 7415 (Mobile: 07968 364 302)

2. A copy of ‘Age and Insurance – helping older customers find the cover they
need’ is available on: www.abi.org.uk.

3. The ABI is the voice of the insurance and investment industry. Its members constitute over 90 per cent of the insurance market in the UK and 20 per cent across the EU. They control assets equivalent to a quarter of the UK’s capital. They are the risk managers of the UK’s economy and society. Through the ABI their voice is heard in Government and in public debate on insurance, savings and investment matters.

4. An ISDN line is available for broadcasts.

5. More news and information from the ABI is available on our web site, www.abi.org.uk.