Posted by Alexander Murphy on Mar 02, 2011
Insurers can currently take gender into account as a risk factor to calculate not only insurance premiums, but also the annuity income they will offer to their pension savers.
However, from December 21, 2012 insurers will no longer be able to charge different premiums for men and women. We set out the winners and losers from the new ruling.
MOTOR INSURANCE
The biggest losers will be female drivers under the age of 25, who will almost certainly see their premiums rise by between 25 and 50 per cent. Currently young women are offered better rates as they are safer drivers than young men.
Based on the current average premiums, a 17- to 22-year-old female motorist could pay about £400 more at renewal after December next year, while a young male driver could pay £270 less, according to the AA, the motor breakdown service.
“Young women have, until now, paid car insurance premiums that are typically up to 50 per cent cheaper than men. In
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Tags: Gender, Gender Ruling
Posted by Ryan Rogers on Feb 26, 2011
Millions of men approaching retirement could be left thousands of pounds worse off if a European court rules on 1 March that insurance companies can no longer use gender to calculate annuity rates and insurance premiums.
Young women drivers will also be hit hard if “gender discrimination” is ruled illegal. An Association of British Insurers research paper claims some under-25s may face motor insurance increases of between 50% and 60% almost overnight – which could translate into an extra £500-£1,000 a year.
Many in the UK insurance industry believe it is likely the European court of justice (ECJ) will ban insurers from taking a person’s sex into account when setting premiums. Such a ruling would have huge ramifications for financial services firms, as it would also force a shake-up in life insurance and private medical insurance pricing.
Proposals for “gender equality” in insurance have been discussed for years. In 2004, the
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Tags: Insurance, Motor Insurance
Posted by Ryan Rogers on Feb 24, 2011
February 22, 2011 – The reinsurance industry has been slow to react to the new world of online, web based communication which is happening through social media and social networks. ReinsuranceTweets.com aims to demonstrate the importance of embracing and engaging with social media for companies with an interest in reinsurance. ReinsuranceTweets.com has been developed by Steve Evans, an internet consultant and entrepreneur from the UK with a background in the reinsurance industry. “The financial services sector, particularly reinsurance, have been slow to adopt and engage with social media”, said Steve. He continued, “ReinsuranceTweets.com is my way of showing people interested in reinsurance what’s being said
Tags: Media, Social Media
Posted by Ryan Rogers on Feb 22, 2011
Bancassurance deciders of different financial institutions have exchanged on the model’s current situation and the necessity for the market to better adapt to customers in view of increasing sales.
Fleming Europe’s fourth annual bancassurance forum, held this week in Rome, was the occasion for major players of financial institutions to debate on the current situation of the market and its future perspectives. The bancassurance model is indeed well established in Europe and presents vast possibilities for the rest of the world.
A market that is still growing
According to Jean Orgonasi, Head of Global Partners and Distribution at BNP Parisbas the Japanese market is on the rise, in savings and especially in protection. Tai
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Tags: Bancassurance Market, Market
Posted by Ryan Rogers on Feb 20, 2011
New York, February 15, 2011 — In response to the Obama Administration’s budget blueprint for fiscal year 2012, today RIMS expressed its continued opposition to any proposal which would have a detrimental impact to its membership—commercial insurance policy holders. “Despite longstanding opposition by policy makers on a bipartisan basis, the Obama Administration continues to pursue a policy which is harmful to insurance consumers by capping the deductibility of reinsurance premiums paid by domestic companies to foreign affiliates, ” says John Phelps, director, business risk solutions, Blue Cross and Blue Shield of Florida, Inc. and board liaison RIMS External Affairs Committee. Phelps noted that a proposal contained in the Administration blueprint would constrain the insurance market for commercial insurance policy holders thereby driving up costs for business at an economically precarious time. The FY 2012 Read more…
Tags: Budget, Budget Plan
Posted by Ryan Rogers on Feb 15, 2011
Egypt’s former president Hosni Mubarak may be in poor health, the country’s envoy to Washington told a US broadcaster Monday, days after the longtime leader was ousted by a people power revolution.
In some of the first comments by an Egyptian official on Mubarak’s condition, Ambassador Sameh Shoukry brought up the possibility of the ex-leader’s deteriorating health when asked about reports that he may have suffered a stroke or be in a coma.
“I am following the rumors and the press reports related to his health, and might have received some communication at a personal level indicating that he is possibly in somewhat of bad health,” Shoukry told NBC’s Today Show. But he stressed that “I really don’t have sufficient information so I wouldn’t like to speculate” on what, if anything, might be ailing Mubarak.
The 82-year-old strongman relinquished power on Friday after a 30-year autocratic rule. Rumors had surfaced that the former leader had fled the country, but on Sunday Prime Minister Ahmed Shafiq said Mubarak was still in Egypt in the Red Sea resort town of Sharm el-Sheikh.
Speculation has remained steady in Egypt in recent years over Mubarak’s health. His medical condition had usually been a
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Tags: Health, Mubarak May
Posted by Ryan Rogers on Feb 14, 2011
PORTLAND, OR – February 11, 2011 - Rainmaker Advisory LLC, the 4th largest consulting firm in the U.S. dedicated to providing services to the retail insurance broking industry, today announced the results from a nationwide survey of insurance producers of all disciplines conducted th roughout the 2010 calendar year. The survey was completed by producers in every geographic region and practice specialty, with experience ranging from less than three years to over 25 years, and with books of business from $300,000 to over $1 million. Some of the findings revealed the following: “The survey results reveal the problems that occur when producers stray from the basics. It’s easy for producers and agency leaders to be seduced by ‘quick fixes’ and ‘miracle cures’ to remedy sluggish production or agency growth, but we know from experience that fundamentals, applied consistently over time, will always deliver the desired results. S Read more…
Tags: Advisory, Rainmaker Advisory
