Introducing gender-neutral rates will result in premium hikes for life insurance and critical illness (CI), HM Treasury has warned.
The government has begun consulting on how insurers can use gender as a risk factor after a European Court of Justice ruling said providers could not charge different premiums to men and women because of their sex.
Zurich has urged advisers to be prepared for the impact of gender neutrality on their clients and business.
Exeter Family Friendly is believed to be one of the first insurers to publicly revamp its protection products to accommodate the European Court of Justice (ECJ) ruling on gender based pricing.
The Treasury has confirmed new European rules outlawing the use of gender in underwriting will not affect policies taken out before 21 December 2012.
Jonathan Rees, director general of the Government Equalities Office, has reassured insurers there will not be a ban on age-based insurance pricing in the near future.
Age could become the next factor to be banned from use in underwriting insurance and annuities, according to lawyers Pinsent Masons.
The debate between insurers "right" to assess risk vs concerns about unethical discrimination has come into sharp focus again.
The European Court of Justice ruling on gender has again been raised in Parliament.
Defaqto has called the European Court of Justice's (ECJ) ruling to ban gender based pricing as "probably the biggest change to affect the life and protection industry for a long time."