On 7 December 2011, the European insurance and reinsurance federation (CEA) submitted a report examining the impact of imposing prohibition against considering gender differences in calculating premiums and benefits for the European insurance market. According to the main theses of the report:
• retirement benefits received by men under disability insurance may be reduced by 5 percent or more
• premiums under term life insurance paid by women might be raised by 30 percent or more
• premiums under transport insurance paid by women might be increased by 11 percent or more
The survey also shows that changes in the amount of premiums is likely to reduce demand for insurance, which would discourage customers to accumulate savings for old age.
In the near future, CEA intends to commission a study to estimate the effects that will presumably affect customers following the introduction of restrictions on the use of age and disability factors in the area of insurance.
The report was commissioned by the German insurance association (GDV) and conducted by an independent consulting firm Oxera. It covers a statement made in March by the European Court of Justice. According to the statement, the provisions of EU directive which allow considering gender differences in calculating the amounts of insurance premiums and benefits where sex is an important risk factor, shall be repelled as of 21 December 2012.
