Tax rise threat
A rise in insurance premium tax (IPT) could deter potential customers from taking out policies, warned Biba. The warning followed speculation that the Treasury would inc …
Tax rise threatA rise in insurance premium tax (IPT) could deter potential customers from taking out policies, warned Biba. The warning followed speculation that the Treasury would increase tax on insurance policies in its pre-Budget report on Wednesday. The UK has the second lowest IPT level in Europe, currently at 5%. Accountancy firm Mazars estimated that a 1% increase in IPT could bring in an extra £300m each year.
Reinsurance onlineAM Best has launched a subscription-based reinsurance information service accessible through its website, ambest.com/reinsurance.
Premium First launchPremium finance provider Premium First is to launch into the commercial lines market following a year of record growth in the personal lines sector.
Pricey pet protectionPet insurance is too costly to be worthwhile for many owners, according to the Consumers' Association. A survey for the association's publication Which? found that the insurance cost so much and came with so many conditions that owners would be better off paying the bills themselves. A single policy could cost as much as £5,000 over a dog's lifetime, even if a claim were never made, the report found.
NG acquisitionPenarth-based insurance broker NG Insurance Services has acquired the business of Lawton Jones Insurance, with effect from 31 December 2003. NG Insurance now has an annual turnover of £3.5m, said the company.
Anti-fraud academyThe City of London and Metro-politan Police have joined forces with a business school to create an anti-fraud and money-laundering academy within the City.