Insurance Premium Tax (IPT)
IPT: higher and higher
Wasn't expecting that... The lyrics from the Jamie Lawson song could apply to insurers, following the latest hike in insurance premium tax.
Treasury increasingly reliant on tax receipts from insurance firms
The UK’s financial services sector contributed £71.4bn in taxes in the year to March 2016 with banks and insurers being the biggest contributors.
Lib Dems urge rethink on IPT increase
An early day motion has been raised by the Liberal Democrats’ leader for the government to rethink its decision to increase the insurance premium tax.
UK's IPT now 6th highest in Europe
The UK now has the 6th highest standard rate of insurance premium tax in Europe, coming after Germany, Greece, Italy, the Netherlands and Finland.
IPT rise will cancel out benefits of whiplash reform for younger drivers
The increase in insurance premium tax will effectively cancel out the benefits from proposed whiplash reform felt by younger drivers.
IPT set to rise in June, Chancellor confirms
Chancellor Philip Hammond confirmed the insurance premium tax will rise in June.
Industry reacts to Autumn Statement
Live reactions from the industry
Ageas' François-Xavier Boisseau calls time on IPT for telematics
It's a sad fact that road casualty rates increase around this time of year as we endure darker evenings and deteriorating weather conditions.
ABI sets out plans to reduce motor insurance premiums
Insurers have outlined steps to reduce motor premiums in the wake of a "perfect storm" that has seen prices rise for car owners.
Biba and Ageas renew calls for telematics tax break after record motor premium hike
Young drivers should be given a tax break on their motor insurance if they take out a telematics policy.
Blog: Government needs a plan of attack for flood defences
Phil Bird, pricing and underwriting director at Legal & General, argues the proceeds from the insurance premium tax rise must be spent on long-term strategy to protect home owners at risk of flooding
ABI warns of changes to broker commission
It is “only a matter of time” before regulators start to make broker commission more transparent, the Association of British Insurers warned today.
Average combined buildings and contents home policy remains unchanged in Q1
The cost of the average combined buildings and contents home insurance policy remained unchanged in the first quarter from the same period last year, according to the Association of British Insurer’s latest home insurance premium tracker.
Motor insurance renewal rates double fuelling customer churn
More than 11 million drivers will switch insurers this year as car insurance renewal quotes increase by an average of £22, according to data from Consumer Intelligence.
Trade Voice: Airmic's John Hurrell - The value of insurance
It is more important than ever for the market and its customers to work together to demonstrate the value of commercial insurance
Editor's Comment: Pulling off the sticking plaster
I believe in getting bad news out of the way quickly and nasty things over and done with – then we can move on to the fun things, or the ‘adventure’ as I call it.
Budget 2016: Latest IPT rise could ‘interfere’ with Flood Re’s primary objectives
Commentators warn it is paramount that people are not dissuaded from taking out policies
Carrot suggests IPT exemption for young drivers
Telematics provider Carrot wants Chancellor of the Exchequer George Osborne to exempt young drivers from paying insurance premium tax if they buy an approved safe driving telematics programme within one year of passing their driving test.
IPT could rise to 12.5% at March budget, AA warns
The AA has warned that insurance premium tax could rise from 9.5% to 12.5% in next week's Budget announcement.
Editor's comment: Not an easy target
While insurers are busy trying to inform customers that the sector is not an easy target for fraud there are fears that it is becoming an easy target for the government to make money instead.
Industry bosses unite to warn government against further IPT hike
The industry is rallying against a further potential increase in insurance premium tax ahead of the 16 March Budget.
Health insurance division drives Bupa UK's 5% revenue growth
Bupa UK reported a 5% increase in revenues in 2015 that was largely driven by its health insurance division, which saw an increase in new business in the SME and corporate segments.
GI CEO's urge against IPT increase in letter to Osborne
Twenty-three general insurance executives have written to Chancellor of the Exchequer George Osborne ahead of the 16 March Budget announcement, urging against a further increase in insurance premium tax.
AA calls on Osborne to avoid another IPT hike
The AA is urging Chancellor of the Exchequer George Osborne, pictured, not to further increase insurance premium tax in the March budget.