Insurance Age

Sector slams latest IPT rise

Tax burden
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Insurers warn that the “outrageous” 2% increase could lead to increased underinsurance as the change is described as an “unwarranted attack”.

The announcement that insurance premium tax is to rise 2% to 12% in June 2017 was met with anger but not surprise by the insurance sector.

Amanda Blanc, group CEO, Axa UK, said: "This hike - the third in the space of 18 months - represents an unwarranted attack on millions of people simply looking to protect themselves, their families and their key assets.

"This is a classic case of the Government giving with one hand, in the form of whiplash reforms, and taking with another. The affordability

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