asked the Minister for Industry and Commerce if it is in order for insurance companies to charge a higher car insurance premium for young male car drivers by comparison with young female car drivers; and if he will make a statement on the matter.
Written Answers. - Car Insurance.
87.
The practice whereby insurers charge different premiums for different types of risks is a matter for each insurance company to decide in the light of their own underwriting experience. Claims experience of insurance companies indicate that young male drivers are more likely to be involved in accidents and thus cause claims, than are young female drivers. The Deputy will be aware that, as the insurance supervisory authority, my primary responsibility is to ensure that companies maintain their statutory reserves and solvency requirements. In this regard I must respect the right of insurers to accept or reject risks and no obligation can be placed on an insurer to quote in respect of any risk or to quote at any particular premium. I have no function in the day to day operations of insurance companies or in the exercise of business acumen on their behalf.