(PRWEB UK) 28 January 2013
Tiger.co.uk, one of the UK’s leading car insurance comparison sites, has produced a study looking at the impact of the December 2012 EU Gender Directive. The research took a sample of female driver profiles aged 19 and 35 who work in a number of different occupations and used them to obtain quotes every week from late November 2012 through to the 21st of December 2012 – when the EU Gender Directive came into effect.
The study revealed that the majority of the younger driver profiles saw a much more pronounced increase in premiums, whereas some of the 35 year old driver profiles actually saw a decrease. This corroborated market expert’s views of the likely impact of the Directive in the weeks and months running up to what was dubbed “G Day”.
Perhaps more interesting is that insurance providers seem to have made significant adjustments to occupation ratings when removing gender as a standalone car insurance rating factor in order to try to continue to reflect the lower risk that women drivers present to them.
Occupations that are more likely to have a high proportion of women seem to have been re-rated by many insurers so as to negate the impact of the Gender Directive. So nurses and midwives, for example, have seen little change to their policy pricing, regardless of age.
However, women working in selected occupations that are more male-biased have seen premiums soar as insurers look to balance the relative discounts given to “female” occupations by increasing premiums in what could be classified as more male-biased jobs:
Andrew Goulborn, Commercial Director at Tiger.co.uk, commented: “The study was set up because we wanted to see how insurers would react to the Gender Directive and to see how it would affect premium prices for women of different ages and occupations. What we have found is very interesting. Although insurers can no longer take gender into account, they have used surrogate factors like occupation in order to mitigate some of the effect of the Directive on the pricing of young women’s car insurance policies.”
Tiger.co.uk is a trading name of Call Connection Ltd. Tiger.co.uk is a UK based, independent car insurance comparison site, offering insurance quotes from over 150 motor insurance brands. Call Connection Ltd is authorised and regulated by the Financial Services Authority (number 308374).