The 0.5% rise is the second in less than a year and Chancellor said extra money raised would go towards flood protection.
The Chancellor of the Exchequer, George Osborne, has increased insurance premium tax again from 9.5% to 10%. The increase follows on from the rise from 6% to 9.5% in the Summer Budget in July last year....
Calm called for as insurers insist it will be "business as usual" and Biba pledges to represent brokers in Brexit negotiations.
Brokerbility chairman appeals for calm and says brokers need to watch how the insurers will react.
Chris Cowan at market research specialist Clusters outlines five things brokers can do to better understand their clients.
The loss of these rights could see insurers being forced to restructure and face large operational, regulatory and tax costs as they adapt to such a change.