Unisex Insurance Pricing: Consumers' Perception and Market Implications

Details

Serval ID
serval:BIB_97A0045952E2
Type
Article: article from journal or magazin.
Collection
Publications
Title
Unisex Insurance Pricing: Consumers' Perception and Market Implications
Journal
Geneva Papers on Risk and Insurance - Issues and Practice
Author(s)
Schmeiser H., Störmer T., Wagner J.
ISSN
1018-5895
Publication state
Published
Issued date
2014
Peer-reviewed
Oui
Volume
39
Number
2
Pages
322-350
Language
english
Abstract
The main reason for different insurance premiums and benefits is the use of different statistically proven risk factors in actuarial calculations for individuals. Basing its ruling on European Union Directive 2004/113/EC, the European Court of Justice on 1 March 2011 concluded that any gender-based discrimination is prohibited, so gender equality in the European Union (EU) must be ensured from 21 December 2012. Until then, gender-specific premium differentiation was allowed in most EU Member States for risks that are strongly linked to gender. We discuss the relevance of price differentiation criteria from the point of view of insurers, regulators and ethicists, and reflect on the degree of acceptance of such price differentiation by consumers, which is assessed empirically through an international consumer survey conducted in the United Kingdom, Germany, France, Italy and Switzerland. The perception of risk factors and of effective gender-related price differences is considered with respect to motor, annuity, term life and health insurance Finally, we discuss possible consequences of the new regulation for the insurance industry.
Keywords
Insurance pricing, Risk criteria, Unisex premiums, Gender discrimination
Web of science
Open Access
Yes
Create date
03/07/2014 16:20
Last modification date
20/08/2019 14:59
Usage data