The ABI was expecting little joy on IPT, but held out some hope for changes to the employers' liability (EL) system in Chancellor Gordon Brown Pre-Budget speech on Wednesday.
Insurers have long campaigned for the abolition, or at least reduction, in IPT, calling it a "tax on prudence".
However, an ABI spokesman admitted policy changes were unlikely.
Brown raised hopes about reform of the workplace compensation system with a quick remark at a CBI gathering on Monday.
He said he planned to examine the rising cost of liability insurance as part of a review of the economic system.
The spokesman said the ABI welcomed the review, for which it had lobbied for some time.