Tax
Insurance premium tax goes up to 10% in second increase in less than a year
Insurance premium tax rates will go up to 10% tomorrow, marking an overall rise of 66% in less than a year.
Average UK car insurance premium rose by 13% over past year
The average car insurance premium in the UK has risen by 13.5% over the past year as the industry continues to battle against a surge in costly claims.
Week in Post: CMC impersonators, NED worries, and a Team GB gold medal winner
Sitting in my front room on Saturday morning I took a phone call from a claims management company.
Europe: Aspiro ruling could increase VAT costs for outsourced services
Every so often a case emerges that threatens significant change to the insurance industry. The recent European Court of Justice decision in the case of Aspiro, a Polish claims handing company, has done just that.
Motor insurance premiums up 10% from last year
The average price paid for private comprehensive motor insurance has increased by 1% in Q2 2016, up 10% from the same period last year, according to the Association of British Insurers.
Biba outlines its top 11 Brexit concerns in letter to senior MPs
The British Insurers Brokers’ Association has sent a letter to members of the government, setting out their member’s opinions on what should be considered as the UK heads towards exiting the European Union.
Blog: So what will Brexit mean for insurance claims staff?
Following the UK electorate’s vote to leave the European Union, there has been a lot of crystal ball gazing as to what it might mean for the insurance industry.
Government to cut corporation tax to 15% following Brexit
The government will cut corporation tax to 15% in order to persuade businesses to remain in the country following the Brexit vote.
Brexit offers UK insurers respite on ECJ VAT ruling for outsourced claims
UK insurers are facing significant increases to the cost of outsourced claims handling if the government is forced to align its VAT position to a recent European Court of Justice ruling, but the June vote on whether the UK should leave the European Union…
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: 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.
Editor's comment: Not an easy target
While insurers are busy trying to inform customers that the sector is not an easy target for fraud there are fears that it is becoming an easy target for the government to make money instead.
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.
ABI warns against further IPT hike in March budget as home premiums rise 3.1% in three months
The Association of British Insurers has warned the government against rolling out a further rise in insurance premium tax in the Chancellor’s upcoming budget, as independent research reveals a 3.1% rise in home premiums in three months.
Clinton criticises Bermuda "reinsurance loophole"
Democratic presidential hopeful Hillary Clinton has criticised tax law loopholes which allow wealth managers to set-up reinsurance companies in Bermuda to reduce tax bills.
Motor rates accelerate as government's IPT hike is rolled out
The government’s introduction of higher insurance premium tax last month has served to accelerate average annual best buy motor policy deals by 10.9% to £696, according to market research conducted by Consumer Intelligence.
Household premium falls continue but tax rise could see reversal
Home insurance premiums are continuing to fall with the average price dropping 5.8% to £114 in the year to September, according to research from Consumer Intelligence, but a reversal could be on the cards.
Tax costs could rise for UK insurers after European Commission cancels review
An ongoing review abandoned by the European Commission on Wednesday (28 October) could increase the tax burden for UK insurers.
ABI defends position on diverted profits tax after Insurer Nation criticism
The Association of British insurers has defended its actions on diverted profits tax after coming in from criticism from insurers.
Legal update: Beware the IPT trap
The November IPT hike might push businesses toward underinsurance, fears Helen Devery
The ABI says the worst has been avoided in BEPS reforms
The Association of British Insurers says the revision of international tax rules could have had unintended consequences on insurers but its proposals helped avoid the worst.
Europe: Lure of Liechtenstein
Liechtenstein has more companies than citizens, but are UK insurers keen to join its corporate club?
C-Suite - Broker: Sending a message
Attacks on honest motorists need to stop – and a strong message needs to be sent to fraudsters.
How insurers can get ready for the Fourth Anti-Money Laundering Directive
The Fourth Anti-Money Laundering Directive applies to a range of businesses, including insurers. After its formal adoption in June, European Union member states now have two years to implement the new rules into national law.