Emergency Budget 2010: Biba fears IPT rise will lead to cuts in cover
The British Insurance Brokers' Association (Biba) said it is concerned that consumers and businesses will be hit by increasing insurance costs.
Biba said it is "disappointed" that the government has announced increases to insurance premium tax (IPT), from 4 January 2011, in today’s Budget.
"Biba believes that the increases to the lower rate of IPT from 5% to 6% and the increase to the higher rate of IPT from 17.5% to 20% will serve only to add further financial pressure during the recession and discourage individuals and small businesses from taking out adequate and appropriate insurance protection," it added.
Eric Galbraith, Biba chief
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