Insurance premium tax (IPT)
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.
Ageas will replace UK General capacity deal
Ageas will look to replace the agreement it had with UK General after it was announced Great Lakes Reinsurance (UK) will takeover as the managing general agent's major capacity provider.
IPT to blame for increase in building and contents premiums
The cost of buildings-only and contents-only insurance rose 3.5% in the most recent quarter, which can be largely attributed to the Insurance Premium Tax hike, according to the Association of British Insurers.
Editor's Comment: 2015: A year in review
Christmas is a time for reflection on the past year and to think about what 2016 might bring.
Very small businesses facing rising insurance costs, Biba finds
The latest Insurance Price Index from the British Insurance Brokers' Association and Acturis has shown a significant rise in the level of premiums charged for very small enterprise policies.
IPT increase could encourage driving without cover, AA warns
The AA has warned that higher motor rates may lead to younger drivers taking to the road without cover or with false details.
IPT increase to add £13 to motor policies, claims ABI
The Association of British Insurers has highlighted how a range of policies will be impacted when the Insurance Premium Tax increase takes effect in November.
Legal update: Beware the IPT trap
The November IPT hike might push businesses toward underinsurance, fears Helen Devery
IPT hike will increase ‘churn’ says AA boss as H1 revenue and trading Ebitda fall
The 58% increase in insurance premium tax to 9.5% from November is likely to increase churn in insurance and roadside assistance, according to AA executive chairman Bob Mackenzie.
Biba presents City Minister Harriet Baldwin with alternative FSCS plan
Corporate brokers have joined colleagues in the personal lines space in voicing concerns that the rise in insurance premium tax will result in more premium leaving the market.
C-Suite - Broker: Sending a message
Attacks on honest motorists need to stop – and a strong message needs to be sent to fraudsters.
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.
Editor's comment: Swinging from high to low
Last Wednesday was a day of extreme highs and lows for the insurance industry. The sector celebrated successes of the past year with the Oscars of the industry, the British Insurance Awards, with over 2000 insurance professionals letting their hair down…
Insurers back insurance premium tax waiver for young telematics users
Report revives young driver debate amid claims it was ‘buried’
Budget 2014: pension shakeup to open the door for general insurance players
Insurers’ share prices plummet following Chancellor’s annuity vow.
Aerospace players to receive IPT exemption
Aerospace insurers received a boost in Wednesday’s budget after Chancellor George Osborne said the government would exempt certain space risks from insurance premium tax.
Efra chair McIntosh moves to calm fears over raising IPT to cover flood risks
Industry players have been reassured that a proposal to use a proportion of insurance premium tax to resolve a flood debate impasse relating to contingent liability will not result in a rise in IPT.
Post magazine – 7 February 2013
The latest issue of Post is now available to subscribers as a digital and interactive e-book.
Worsening economic outlook pushes up IPT
Several governments across Europe have ramped up insurance premium tax rates in response to finance deficits and a worsening economic outlook, research has shown.
Total insurer IPT bill close to £30bn
Insurers handed over £2.4bn in insurance premium tax in the year 2010/11, a rise of more than 6% on the previous year (£2.253bn), government figures reveal.
Review of the year - Health insurance: Seeds of change
Despite a tough 12 months, and gloom forecast for 2012, the health insurance sector has planted important seeds for future growth this year.