Car insurance and bank discrimination for the elderly spark MP ire
Discrimination against elderly people was the focus of a House human rights committee meeting on Monday addressing the rising vehicle insurance premiums for older drivers and restrictions imposed by financial institutions.
Led by independent MP Alexandra Attalides, the discussion concluded with plans to pursue legislative measures to address issues affecting older people’s rights.
Committee chair and Akel MP Irene Charalambidou said the committee would propose a bill requiring insurance companies and banks to consider statistical data when assessing applications from seniors citizens.
Charalambidou also mentioned plans to request detailed statistics from the police on road accidents involving elderly drivers, to determine whether higher premiums and refusal of coverage by insurance companies are justified.
She expressed frustration with the lack of cooperation between the road transport department and the Health Insurance Organisation (HIO), which she said “has delayed efforts to link electronic systems and provide real-time health information for elderly drivers renewing their licences, causing unnecessary inconvenience”.
Charalambidou then criticised the state for marginalising the elderly, citing inadequate public transport and burdensome procedures for obtaining and renewing driving licences, as well as the high cost of vehicle insurance.
She also raised concerns about elderly individuals being denied credit facilities by banks, despite having sufficient collateral, and stressed the need for banks to accommodate seniors in online procedures, considering the technological illiteracy of many elderly people.
Charalambidou further highlighted the difficulties faced by elderly individuals living in rural areas, who have limited access to bank branches.
Attalides added that insurance companies often view older drivers as high-risk, leading to either non-renewal of policies or significantly increased costs.
“In some cases, elderly drivers are referred to a special insurance consortium for high-risk policies,” she said.
“Limited access to financial services contributes to the isolation of elderly individuals, negatively impacting their mental and physical health.”