Rise in IPT would put greater strain on brokers trying to reduce underinsurance

parliament

With the Autumn Budget set to be released tomorrow (30 October) by the UK government, the question over whether insurance premium tax will be increased lingers as industry practitioners weigh in.

In 2023/24 IPT raised a record £8.1bn, up by 11% on the £7.3bn generated in 2022/23. The rate of IPT has more than doubled over the past decade and the amount generated by the tax has nearly quadrupled in that time.

Graeme Trudgill, CEO of the British Insurance Brokers’ Association, explained a rise in IPT could affect brokers as it may increase the number of customers who then choose to cut back on their insurance spend and consequently increase the problem of underinsurance.

“This will include

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.

You are currently unable to copy this content. Please contact info@insuranceage.co.uk to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Insurance Age? View our subscription options

Register

Sign up and gain access to five complimentary news articles every month.

Already have an account? Sign in here

This address will be used to create your account

Most read articles loading...

You need to sign in to use this feature. If you don’t have an Insurance Age account, please register now.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: