Biba reveals extra IPT spending
Trade body confirms extra £700m raised from 2016 IPT rise has boosted flood defences in Calder Valley, Leeds, York and Cumbria.
The British Insurance Brokers’ Association (Biba) executive director Graeme Trudgill has told Insurance Age that money from the March 2016 insurance premium tax (IPT) rise has provided an additional £700m for flood resilience.
In the 2016 Spring Budget statement, when the IPT increased from 9.5% to 10%, then Chancellor of the Exchequer George Osborne stated that the extra £700m raised by the tax rise would go towards those affected by flooding.
A year later Trudgill said that the money had
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@insuranceage.co.uk or view our subscription options here: https://subscriptions.insuranceage.co.uk/subscribe
You are currently unable to print this content. Please contact info@insuranceage.co.uk to find out more.
You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@insuranceage.co.uk
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@insuranceage.co.uk
More on Broker
Analysis: Does Intact’s investment in UKGI signal a new era of insurer broker buys?
In 2025 the parent company of Top 100 UK broker Adler Fairways secured financial backing from Intact Financial Corporation. Insurer investments in brokers are nothing new, but the trend over the last decade has been divestments which raise the big question: Does Intact’s move represent a one off or start of something wider? Saxon East investigates.
Biba 2026 Countdown: Coalition UK’s Tom Draper
Tom Draper, managing director of Coalition UK, is looking forward to the Biba Conference magical hour where the formal seminar stage brain fatigue gives way to insurance engagement and recommends brokers double down on being pillars of their communities.
Markerstudy rolls out business division with £200m GWP target
Markerstudy Group has created Markerstudy Business, a commercial insurance division within its distribution arm led by newly appointed CEO Ross Barrington.
Four main board switches at Biba
The British Insurance Brokers’ Association has made a series of changes to its main board as the incumbents’ tenures come to an end.
People Moves: 5 – 8 May 2026
Follow the latest personnel moves in insurance.
Biba 2026 Countdown: Hedron’s Chris Taylor
Chris Taylor, trading and distribution director at Hedron Network, loves the fact that the Biba Conference bucks the growing trend of remote interactions and looks forward to having a ‘breather’ at its network lunch on Wednesday.
D&O, employee benefits and key man cover top list as brokers optimistic on growth
Brokers have ranked D&O, employee benefits and key man cover as the top areas most likely to grow in the coming 12 months as they expressed near unanimous optimism about their businesses and the sector.
JMG scores hat-trick of deals in first M&A move of 2026
JMG Group has expanded its Midlands presence with Jukes Insurance Brokers, RP Lovatt and Nene Valley Insurance Practice as it struck its first deals of 2026, having been the most prolific buyer over the past two years.