Throwback Thursday: IPT increase; Miller’s cable cars
Insurance Post’s Throwback Thursday steps back in time to March 1998 to remind you what was going on this week in insurance history when chancellor Gordon Brown hiked insurance premium tax and Miller was connecting the East End.
19 March 1998: Brown’s IPT blow
Chancellor Gordon Brown, who succeeded Tony Blair as prime minister in 2007, raised the rate of insurance premium tax for travel insurance to 17.5%.
The move dismayed travel insurers and the Association of British Insurers, who campaigned for the rate to remain at 4%.
A crushing blow to insurers who had believed things would only get better under the then fresh New Labour government.
Miller’s cable cars
Miller Insurance Group revealed it was underwriting an £8m project by Meridian Cable Cars.
The cable car service spans the River Thames and connects what was then the East India Station of the Docklands Light Railway with the Millennium Dome, which was being built in Greenwich.
Miller provided insurance for the construction period, plus operational risks.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@postonline.co.uk or view our subscription options here: https://subscriptions.postonline.co.uk/subscribe
You are currently unable to print this content. Please contact info@postonline.co.uk to find out more.
You are currently unable to copy this content. Please contact info@postonline.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@postonline.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@postonline.co.uk
More on Personal
Q&A: Mark Rose and Luke Anyon, Tracker
Mark Rose, managing director, and Luke Anyon, sales director of Tracker, explain how their multi-layered technology and close collaboration with insurers and police are helping recover stolen vehicles at scale – and why wider adoption could significantly reduce claims costs.
Brokers lose share as direct insurers tighten grip on aggregator business
Despite cutting prices twice as fast as direct insurers, brokers are losing the battle for customers on price comparison websites, according to research from Consumer Intelligence.
Best Insurance Employer Award shortlist revealed
Insurance Post can reveal the 11 companies in the running to be crowned the industry’s best employers at the British Insurance Awards on 8 July.
FCA outlines how insurers must up their claims game
The Financial Conduct Authority has warned insurers they must improve claims handling standards and consumer understanding of cover following concerns raised in the Which? super-complaint into home and travel insurance.
Colm Holmes, Allianz
In the Marvel universe, the Hulk’s power is his strength and ability to shift things. In UK insurance, Colm Holmes plays a similar role to many people's favourite Avenger.
Drazen Jaksic, Zurich
Drazen Jaksic climbs higher on this year’s Insurance Post Power List as the takeover of Beazley sees his influence expanding further into the London market.
Tara Foley, Axa
Tara Foley’s leadership of Axa UK & Ireland is defined by a commitment to showing how general insurance can protect all sectors of society.
Alistair Hargreaves, Admiral
Since taking the helm of Admiral’s UK insurance business in late 2024, Alistair Hargreaves has made a mark overseeing strong growth across motor and completing the More Than acquisition.