Insurance Premium Tax (IPT)
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.
Chancellor to change investment rules
The government is to set up an Insurers’ Infrastructure Investment Forum to try to look at changing insurance investment rules to use private funds to build major infrastructure projects.
Global compliance database gets go ahead
London market movers have put aside concerns over competitive advantages to build a jointly owned compliance database for global insurance programmes, providing details of regulations on a territory-by-territory basis.
Roundtable - Global programme: Building successful global programmes
Delivering tailored coverage around the world is a boon for multinational insurers. However, keeping up with regulatory demands, both internationally and locally, can be be a strain. Post gathered a group of experts to debate the most pressing issues.
Greek government issues second IPT penalty amnesty
The Greek parliament has passed a law that includes a further amnesty provision on penalties for insurance premium tax.
Airmic 2011: A guide to international compliance obligations
A guide to help members ensure their insurance programmes comply with international regulations and tax rules has been published by Airmic.
Large corporate risks - Global compliance: Could a central rules database help?
The global insurance compliance headache for large corporates operating in multiple jurisdictions is only intensifying. Veronica Cowan explores if and how a central rules database could help.
Coalition government: State of the nation: one year on
Last week's overwhelming 'no' vote in the referendum on the UK's voting system has only served to deepen divisions and highlight political polar positions within government, but how does the insurance industry rate the coalition's first 12 months in…
HNW - rates: costs under control
The customer is currently winning in the mid and high net worth sectors, with rates only climbing slowly. David Sweeney looks at what the industry must do to price for profit and continue to provide great service.
Taxation - IPT changes: A taxing issue across Europe
2011 brings with it many changes to insurance premium tax across Europe and a big headache for insurers operating locally in different countries or across multiple European territories. Edward Murray explains why it is crucial for insurers to stay on top…