Analysis

In Focus: How can insurance firms address pricing and reputational challenges arising from the ethnicity penalty?

By 2024-06-20T07:00:00

Diversity people

Citizens Advice coined the term ‘ethnicity penalty’ in 2022 to describe when people of colour pay higher insurance premiums than white people – how is the sector ensuring that ethnicity is not influencing pricing?

Back in March 2022, Citizens Advice revealed a concerning correlation – according to its research, people of colour (POC) were paying an average of £250 more per year for car insurance than white people, regardless of gender, age and income.

Insurance Times asks industry experts how insurance companies can tackle this correlation, coined the ‘ethnicity penalty’.

Read more…

Explore more diversity and inclusion-related content here  or discover more news analysis here

You need to register to continue reading the rest of this article and more for free.
(If you’re already registered, please sign in here.)

REGISTER NOW FOR FREE

We’re glad you’ve chosen Insurance Times as your source for industry news and hope you’ve been enjoying reading articles from our award-winning team of journalists.

Gain access to more of our exclusive, breaking stories, interviews and news analysis as it happens. Registering is quick, easy, free, and will also have the additional benefits:

  • Uncover Secrets: Dive deep with exclusive annual reports, fueled by expert insights.
  • News That Matters: Award-winning coverage & analysis, delivered to your inbox.
  • Stay Ahead, Your Way: Daily or weekly - choose your news rhythm.
  • Own Your Learning: Curate your knowledge with a personalized library.

Register for FREE now and Keep Reading

Stay on top of the insurance game with our subscription! Get unlimited access to over 80,000 articles, in-depth analysis, exclusive reports by industry experts, and our Five-Star rating system to compare companies and find the best fit for your business needs - view subscription options.