Insurance Premium Tax (IPT)
IPT rise pushes home premiums up despite lower winter claims
Insurance Premium Tax increases have led to a rise in home insurance premiums despite claims over the winter period being lower than in previous years.
Motor Report: What's driving motor?
With trials of driverless car fleets now occupying our national roads, the motor sector is getting an upgrade like never before. As fraudulent claims continue to accelerate and while premiums pay the price, new entrants are causing insurers to tighten…
Blog: Brokers needn't fear FCA commission reforms
If the Financial Conduct Authority restricted gross rate commissions on finance arrangements, brokers could feel a painful blow. However, they could claw back income elsewhere, argues Ravi Takhar, CEO of Bexhill UK, urging them to bring the premium…
Editor's comment: Surprise!
I probably wouldn’t make a very good insurer or broker as I love a good surprise and I deal quite well with change.
Motor premiums set to rise by 29% by 2018
Motor premiums will rise by up to 29% by January 2018 due to hikes to Insurance Premium Tax, increasing repair costs and the EU's Vnuk ruling.
Motor premiums have gone up by 9.4% and are set to keep rising
Car insurance has rocketed by 9.4% to an average of £661 and this is set to increase due to the decision to lower the discount rate.
AA profits hit by greater aggregator spend
AA saw profits dip by 2.6% last year due to a higher marketing spend on aggregator sites.
Half of motorists expect premiums to rise at renewal
Almost half of drivers expect their premiums to rise at their next renewal, with one in 10 planning to stop driving if costs go up by £500 a year.
Fitch issues gloomy warning for company market in wake of Ogden rate changes
Fitch has issued a gloomy warning for the UK non-life company market this year in the wake of the Ogden rate cut.
Admiral to raise motor premiums by 10% following Ogden
Admiral will increase premiums by a further 10% in coming months following a double whammy of the Ogden rate cut and the hike in the Insurance Premium Tax.
Biba commits to reducing premiums for young drivers
The British Insurance Brokers’ Association is set to urge the government to support its plan to reduce driving premiums for young drivers.
Tax and exchange rates set to push up home insurance costs
Tax and exchange rates will push up home insurance costs with the average premium rising by 1.8% to £124.
Rise of IPT 'punishes' health insurance customers
Customers find it unfair that they are facing increased tax on their health insurance on top of the tax they already pay to fund the NHS.
Government urged to exempt charities from IPT
Specialist charities insurer Access Insurance has launched a campaign calling on government to exempt the charities sector from insurance premium tax.
None of the revenue from IPT rise to be spent on flood defences
None of the revenue generated from the recent increase in Insurance Premium Tax has been ring-fenced for flood defences, Post can reveal.
C-Force: It's time to unmask the claims heroes
2016 was a big year for insurance claims – but who are the people behind the scenes, making sure customers receive the best service possible?
Home and motor insurers to end 2017 in the red, EY warns
Home and motor general insurers are likely to face significant losses in the coming year, EY said.
This week in Post: Unrated insurers and reasons to detox
The sallow, downbeat faces of my colleagues today can only mean one thing: it’s the morning after the staff Christmas party.
Third of motorists lie to get cheaper premiums
One in three motorists will lie to their insurance company to get cheaper premiums, a survey found.
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.