insurance premium tax News

UK Insurers, Brokers Applaud Government’s Decision Not to Hike Premium Tax

UK insurers and brokers have applauded the UK Treasury’s decision not to raise premium taxes, which currently has an annual price tag for each household of an average of £200 ($256.40), according to the Association of British Insurers (ABI). The …

UK Insurers, Businesses Urge Government Not to Raise Insurance Premium Tax – Again

UK insurers and businesses are urging the UK Treasury not to further penalize insurance customers by raising the insurance premium tax (IPT), which currently costs each household an average of £200 ($262) annually. The UK has the sixth highest IPT …

Telematics-Based Car Policies in UK Exceed 750,000 for 1st Time in 2016

The number of live telematics policies in the UK exceeded three quarters of a million for the first time in 2016, according to annual research from the British Insurance Brokers’ Association (BIBA). The BIBA survey includes information from the leading …

France to Hike Premium Tax to Bolster Compensation Fund for Attack Victims

France plans to increase a levy on property insurance policies to 5.90 euros [$6.30] from 4.30 euros [$4.59] per contract to bolster a fund that provides compensation to victims of attacks or other criminal acts. Following the Islamist attacks in …

Kansas Revenues in March Boosted by Insurance Premium Tax

Kansas came close last month to hitting its target for tax collections, and the shortfall of less than $2 million reported represented relatively good news after a winter of gloomy budget developments. Sales tax collections — disappointing for months — …

Britain Raises Insurance Premium Tax to 10% to Fund Flood Defenses

Britain’s finance minister George Osborne said on Wednesday he would raise the tax on motor and home insurance premiums by 0.5 percentage points to 10 percent to fund flood defenses, boosting insurance shares as the rise was smaller than anticipated. …

New British Insurance Premium Tax Hike Could Further Squeeze Insurer Margins

A tax hike on British motor and home insurance policies effective from Sunday is set to hit consumers and could trigger a fresh round of margin-squeezing price competition among general insurers. The jump in the insurance premium tax (IPT), to …

UK Chancellor of Exchequer Angers Insurers by Raising Premium Tax

UK Chancellor of the Exchequer George Osborne angered Britain’s insurance industry by unexpectedly increasing a tax on policy holders that is expected to raise an extra 1.8 billion pounds ($2.8 billion). The insurance premium tax will be increased to 9.5 …

2 AIG Subsidiaries File to Redomesticate From Pennsylvania to Illinois

Two subsidiaries of the American International Group — Granite State Insurance Company and New Hampshire Insurance Company — recently filed for approval a plan of redomestication that would change their state of domicile from Pennsylvania to Illinois. The two companies …

Costs Outpace Resources for Volunteer Firefighters in Mississippi

Fire trucks and other firefighting equipment cost a lot of money, and prices are rising, so Warren County volunteer districts are looking to possibly seek an increase in property taxes. “We’re getting squeezed and squeezed by costs,” said Chuck Tate, …