Age 'should be insurance assessment tool'

Thu 30 Apr 2009 - Published in Home Insurance

Age is a relevant factor that insurance firms should consider when assessing risk, it has been claimed.

Malcolm Tarling, spokesperson for the Association of British Insurers, stated that it is not just older people who are likely to pay more for their insurance.

The government's new equality bill, published on April 27th 2009, aims to end age discrimination in the area of insurance.

He added: "You take away a particular rating factor such as the use of age, then it is going to be forcing insurers to almost operate with one hand tied behind their back."

Mr Tarling went on to say that the use of age to determine insurance costs cuts across all levels society and cited the examples of younger drivers, who often have to pay higher premiums.

He added that older people's home insurance is often lower because they spend more time in their properties and are at less risk of burglary.

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