Statement from 1st for Women Insurance Brokers on the European Court of Justice ruling regarding the EU Gender Directive 2005 and gender pricing in insurance

The European Court of Justice (ECJ) has recently ruled that as of December 2012, insurers in the UK cannot charge different premiums to men and women because of their gender.

While this may come as bad news to UK female only insurers, South Africa’s 1st for Women Insurance Brokers will continue to charge premiums that reflect women’s lower insurance risks as drivers, and the lower cost of their motor accident claims.

1st for Women stands by the fact that, statistically, women are lower insurance risks than their male counterparts. They take fewer risks, make more careful decisions, usually stick to the speed limit and frown upon road rage.

In addition, the cost of repairs to accident damaged vehicles driven by women is, on average, lower than the cost of damage caused by men.

“We have statistical evidence that proves that women are involved in fewer accidents than men and, in respect of motor accident repair costs, the average repair cost involved in repairing an accident damaged motor vehicle that was driven by a woman is less than one driven by a man,” says Robyn Farrell, managing director of 1st for Women Insurance Brokers.

This is further supported by statistics in the UK that state that the cost of the average car claim by an 18-year old man was £4,400, while that for an 18-year old woman was £2,700.

Besides offering South Africa’s female motorists cheaper vehicle insurance premiums, 1st for Women also offers a wide range of benefits designed with South African women in mind. These products are unique from the normal array of insurance products out there that, historically, are designed for men, by men.

1st for Women Insurance Brokers was recently voted as the top short-term personal lines insurance brand in the Sunday Times Top Brand Awards.