The Ban on Gender as a Risk-Rating Factor in Insurance - A Discussion of the Economical and Legal Aspects

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ID Serval
serval:BIB_490B02300F22
Type
Mémoire
Sous-type
(Mémoire de) maîtrise (master)
Collection
Publications
Titre
The Ban on Gender as a Risk-Rating Factor in Insurance - A Discussion of the Economical and Legal Aspects
Auteur⸱e⸱s
Hanselmann I.
Directeur⸱rice⸱s
Wagner J.
Détails de l'institution
University of St. Gallen, Master in Banking and Finance
Statut éditorial
Acceptée
Date de publication
2012
Langue
anglais
Notes
Dr. Hans Kessler Award 2013, NZZ Campus and MakingScienceNews ``Top Master'' Schweiz 2013
Résumé
From 21 December 2012 onwards, it will no longer be allowed to treat men and women differently in calculating insurance premiums and benefits for new contracts in Europe. Underwriters are obliged to put into practice a landmark judgment passed by the European Court of Justice on 1 March 2011. The implementation of the verdict represents a restriction on the insurers' practices of risk classification. Gender status is currently still used as a risk-rating factor for some product lines, mainly motor, private health, term life and pension annuity insurances. With a ban on gender, the underwriters lose an important and cheap factor for their risk assessment, which is likely to be reflected in rising premiums for some policies and - in an overall view - a less efficient market allocation. This paper therefore discusses the legal reasoning behind the judgment before analysing possible impacts of it. In a second part, likely reactions from the market side will be presented. For some products at least, solutions to implement gender-neutral pricing can already be found today. Additionally, a chapter about the special case of Switzerland, which is excluded from the European Court of Justice's scope of application, is provided at the end.
Création de la notice
04/08/2014 16:43
Dernière modification de la notice
20/08/2019 13:56
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