…while BIBA is “disappointed”

CEO of the Briitish Insurance Brokers’ Association (BIBA), Steve White, has responded to the announcement of a rise in Insurance Premium Tax.

In response to the rise to 9.5 per cent of Insurance Premium Tax (IPT), Steve White, said:

“We are extremely disappointed in this rise in Insurance Premium Tax and will mean insurance will become more expensive for the public as a result. Those hit by this stealth tax will include the 20.1 million households with contents insurance; 19.6 million with motor insurance and 17 million with buildings insurance.

“The Government has been working with the industry to reduce the cost of insurance for consumers – including a summit chaired by the Prime Minister. It therefore seems counterintuitive to be taking measures which will add to the cost – effectively taxing protection.

“We hope the Government will review this rise and correct it in further budgets.”