Rising taxes pose threat to insurers' growth prospects

Two thirds of insurance CEOs believe that increasing taxes are a threat to their growth prospects, according to a new survey by PwC.

In a new report, published this morning, the consulting giant says that 64% of the 20 insurance chiefs surveyed are worried by the impact of tax rises on growth.

This figure is up from 57% two years ago, according to PwC.

Reflecting what it describes as the reputational sensitivities surrounding tax arrangements, the survey shows that less than 10% of the tax directors are focusing on how to reduce their effective tax rate.

While none have shelved tax planning altogether, more than 70% accepted that public and political pressures have affected their tax function.

The report outlines priorities for tax teams to equip themselves for the future.