EU legislation

The South African insurance landscape seem to set its pace at the level of developments in European and North American industries. In this regard, MUA has noticed with interest the decision by the EU that effecively bans the practice of offering reduced insurance premiums to female drives.

 

In this regard, we support the views of the South African Insurance Association (SAIA) that states that South Africa is unlikely to see any impact from the decision as the country’s current legal framework has been drafted to allow for any differentiation that is ultimately beneficial for consumers.

 

While some of our competitors base their entire business models, and indeed branding in some cases, on discounting for female drivers, MUA’s rating is based on careful, individual assessments of the risk profiles. It is not based on a generalisation on the behaviour of a group our clients might belong to. Rather, it is based on actuarial science and determined on the basis of accurate information collated over a period of time.  

 

We believe this practice will stand us in good stead in the long run, and will proof to be in line with our country’s constitution that rules out discrimination (economic or otherwise) against any grouping (including gender).