The Budget
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.
FCA regulation of credit hire firms touted as CMCs fall under its remit
Industry commentators have backed the future Financial Conduct Authority oversight of claims management companies, announced in the 16 March Budget, alongside suggestions a similar regulatory framework should be adopted for credit hire companies.
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
Budget 2016: Corporate tax changes aimed at banks could impact insurers offsetting losses
Insurers hit by rises in claims as a result of the recent floods and increases in insurance premium taxes will also now face corporate tax changes that will affect them offsetting losses.
Budget 2016: Safe Harbour lanes mooted as UK shifts gears on autonomous vehicle investment
A £15m ‘connected corridor' from London to Dover, driverless car and truck platooning trials were all outlined as part of the 2016 Budget in a move to retain the UK's position in the market.
Quiz of the week - 18 March
Test your knowledge of the week's insurance news, with the Post insurance quiz of the week.
Budget 2016: Insurers could be hit with higher tax under losses restriction
Firms with profits over £5m will be restricted in the amount of taxable profits they can offset as losses carried forward, according to an announcement in yesterday’s (16 March) Budget.
Budget 2016: UK to be driverless cars ‘centre for excellence’
A £15m "connected corridor" from Dover to London and further driverless car and truck trials were all announced in today's (16 March) Budget.
Budget 2016: FCA to regulate claims management companies
The government has transferred responsibility for regulating claims management companies to the Financial Conduct Authority after accepting the recommendations of the independent review into the regulation of CMCs.
Budget 2016: Osborne increases IPT 0.5% with funds raised to be spent on flood defences
Insurance premium tax will rise again with Chancellor of the Exchequer George Osborne today (16 March) announcing in his Budget speech a 0.5% increase effective from 1 October.
Over-50s worst hit from motor premium hike
Those over the age of 50 are being worst hit from the rise in motor insurance, according to insurance market researcher Consumer Intelligence.
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.
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.
Blog: £700m earmarked for court efficiency reforms in the Spending Review
Chancellor George Osborne yesterday brought to an end speculation about whether funds for radical technology-driven reform to the court service would be made available.
Government opens evidence call for CMC review
The government has today (2 October) launched a call for evidence for a fundamental independent review into the way claims management companies are regulated.
UK insurer CEOs lament IPT hike as H1 results are squeezed
Industry CEOs have criticised the government’s "regressive" decision to increase insurance premium tax, but have dismissed the tax hike represents a disconnect from government, amid widespread profit drops and combined operating ratio deterioration at…
IPT increase to be passed on to policyholders warns ABI's Shepherd
The Association of British Insurers has warned price hikes as a result of the increase in insurance premium tax are inevitable as its quarterly average household premium tracker showed a further fall in the cost of home insurance.
Consumers considering cutting coverage in wake of IPT rise
The government’s decision to hike insurance premium tax will trigger a surge in customers moving to new providers and cutting back on or cancelling policies, according to research by Consumer Intelligence.
Osborne confident insurers can ‘absorb' IPT costs
Chancellor of the Exchequer George Osborne is confident the insurance sector can absorb the cost of the 56% increase in insurance premium tax announced in the summer Budget.
Landlords: Bring on the subs
Plans to stop landlords preventing sub-letting have split opinion, with some insurers predicting a hike in premiums, while others claim the risks could be managed.
Blog: Newcastle - powerhouse or outhouse?
Post reporter Katie Marriner sums up her experience of visiting the Newcastle insurance sector and how plans to make it a powerhouse are being received.
Driverless cars commitment and reinsurance backing prominent in 2015 Budget
Chancellor of the Exchequer George Osborne has pledged £100m to the development of driverless cars in a bid to make the UK "a centre of excellence" for the technology.
What issues top the GI industry's 2015 budget wish-list?
As Chancellor of the Exchequer George Osborne prepares to deliver his annual budget tomorrow (18 March), Post found out what the general insurance industry hopes to fin inside the famous old briefcase.
Flood campaign urges defence spending boost in Budget
The Association of British Insurers' Flood Free Homes campaign is urging government to increase spending on flood defences and maintenance ahead of the Budget announcement on 18 March.