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Saturday, 1 December 2012

Insurance, Gender and Marketing

The story that young women are going to have to pay more for car and life insurance due to a European "equality" ruling is moderately interesting. As is the related issue of annuities used to provide pensions - men will get less than they used to.

"Womens-rights" people may be suffering some cognitive dissonance - equality has given women a worse deal! Myself, I tend towards a "fairness" approach - I don't want a particular group or person  to be discriminated against unless there is some real justification. So as a man who is likely to die before my hypothetical twin sister, I'd like a better annuity deal thank you!

No, to me, the really interesting thing is what insurance company marketing people will do about it. If women are going to have higher premiums despite being lower risk, a profitable business strategy is to attract lots of them. You can't actually turn men away but it would be silly to advertise at football matches.

We might find car insurance websites coloured pink and borrowing a lot of content from women's magazines. How many blokes of the male gender will go for an "offer" on car insurance that includes a free packet of tights?

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