Friday, March 04, 2011

Asessing risk will never be as cheap again!

At the beginning of the week, if I recall correctly, there was a news story doing the rounds that a European Court ruling has decided that it was sexual discrimination if insurance companies, who deal in assessing risk, had different premiums for men and women.

That young males tend to have more crashes than young females, and in general its men rather than women that make claims is apparently not fair. Ironically enough the ruling was about it not being fair to men which makes a change.

Of course, the ruling is absurd, but I was rather amused to see that the Government Equalities Office pumped out a press release yesterday on age discrimination that said,
Providers of financial services, such as insurance companies, will still be allowed to use age when assessing risk and deciding prices.
How long before the EU rules that is wrong too, at which point insurance premiums will rise for everyone?

You see this is the hilarious and utterly bizarre consequence of the so-called "equalities" agenda.

On the one hand, the rulings say things like "you can;t have a blanket policy" that discriminates, and then, on the other, what you end up with is a blanket policy that equalises the cost which then means overrule the insurance companies just raise the premiums for all to cover the cost of those they consider a higher risk.

Thus the perception of discrimination is removed, but underneath it still remains but we all pay equally for it. Genius init?

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