Penny Black's Social World - 24 March 2016

Fresh from Facebook

Axco Insurance Information Services is celebrating 50 years of partnership with the international insurance industry with a series of charitable sporting events taking place throughout the year, as well as pledging 50 volunteering days to charity.  

The ‘50 for 50’ initiative will see staff members take part in 50 different sporting events around the world, including a virtual circumnavigation of the globe, with staff aiming to complete a cumulative 40,000 kilometre walk.

Further ‘50 for 50’ sporting events Axco staff will be participating in will include the London Marathon, the London to Paris bike race and, closer to home, the 2016 Standard Chartered Great City Race.

Fresh from Facebook

Flood Re has released an animated video to help consumers understand how the scheme will work.

Brendan McCafferty, CEO of Flood Re, said: “We will be ready to accept policies in April and are working hard to ensure that as many insurers as possible are able to offer products to consumers.

“Consumers will continue to buy their policy from the insurer they choose and if they need to make a claim then they will do so directly with that company. The consumer will see no change in process but will have Flood Re in the background allowing insurers to provide flood insurance that is more affordable, even for the most vulnerable properties.

“We chose an animated format so that the content is engaging, entertaining and easy to understand for consumers. To find out more people should visit our website at www.floodre.co.uk.”

The Big Debate

Does the Budget’s insurance premium tax rise signal future gradual increases? The government announced a further 0.5% increase in insurance premium tax, which means IPT has risen 66.6% since March 2015. PWC insurance tax partner Ben Flockton said insurers would be concerned at the prospect of gradual but frequent IPT raises going forward. What impact would IPT increases have for insurers? Would these kinds of increases be more costly in terms of back-office and IT changes?

Katie Marriner, senior reporter, Post
Have your say at bit.ly/PostLinkedIn

Tweet of the Week

66.6% increase in Insurance premium tax paid by customers and businesses since this time last year #Budget2016

— Graeme Trudgill (@GraemeBIBA) March 16, 2016