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		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/court-ruling-blow-to-women-drivers.jpg"><img class="alignnone size-full" title="European judges said using gender in setting premiums for car and medical insurance breached rules on equality" src="http://londonglossy.com/wp-content/uploads/2011/03/min-court-ruling-blow-to-women-drivers.jpg" alt="European judges said using gender in setting premiums for car and medical insurance breached rules on equality"/></a></p>
<p>Women are facing the prospect of higher car insurance premiums while men are likely to receive lower pensions because of a new European court ruling.</p>
<p>The decision by the European Court of Justice in Luxembourg will prevent insurers from using gender when calculating premiums.</p>
<p>It ruled that using differences between men and women as a risk factor in setting premiums for car, medical and life insurance, as well as annuities, breaches EU rules on equality.</p>
<p>But the change was immediately condemned as &#8220;utter madness&#8221; and a &#8220;setback for common sense&#8221; by Conservative MEP Sajjad Karim.</p>
<p>The Association of British Insurers (ABI), which has spent the past decade fighting the move, estimates that women aged under 25 could see a 25% increase in motor insurance premiums, but men are expected to see a reduction of just 10% in theirs.</p>
<p>Think-tank Open Europe is more pessimistic, claiming providers will now have to raise an estimated £936 million extra to cover themselves against new uncertainties created in the market when the new rules come into force.</p>
<p>It claims the changes will cost young women drivers an average of £4,300 extra between the ages of 17 and 26, with men saving only £3,250 in the same period.</p>
<p>A similar pattern is expected to emerge for annuities, which are used by people who have defined contribution or personal pensions to convert their retirement savings into a regular income.</p>
<p>The ABI estimates that men approaching retirement could see an 8% reduction in annuity rates, while women are expected to see only a 6% rise. The industry also warned that the change could lead to increased levels of insurance fraud and uninsured driving.</p>
<p>Home Secretary and Minister for Women and Equality Theresa May expressed her disappointment at the decision, which cannot be appealed against and which the UK cannot opt out of.</p>
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