Bluefin boss Reid says 1% increase will be a relief for insurers

Bluefin chief executive Stuart Reid has reacted to changes to Insurance Premium Tax in today’s emergency Budget.

He said: "While we would have preferred insurance premium tax (IPT) to remain fixed, the standard rate rise from 5% to 6% will be welcomed by many, especially as there had been much speculation that it could have risen as high as the new VAT rate of 20%.

“Clients will be pleased for obvious reasons. Insurers will breathe a big sigh of relief because a more significant increase would have put pay to any ability to influence premium rates upwards, something not yet happening in many areas but which will be needed sooner rather than later.”

The 2025 Insurance Times Awards took place on the evening of Wednesday 3rd December in the iconic Great Room of London’s Grosvenor House.

Hosted by comedian and actor Tom Allen, 34 Gold, 23 Silver and 22 Bronze awards were handed out across an amazing 34 categories recognising brilliance and innovation right across the breadth of UK general insurance.
Many congratulations to all the worthy winners and as always, huge thanks to our sponsors for their support and our judges for their expertise.

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