General insurance issues in Budget 2016 – brief summary

The key insurance issue in today’s Budget is probably the increase in Insurance Premium Tax of half a per cent, from 9.5% to 10%, applying from 1 October 2016. As regards the ‘compensation culture’, two topics points are noteworthy, first the repetition of the Autumn Statement reforms and second a big change in the way claims management companies are to be regulated and monitored, with the FCA to step in to oversee the sector.

Continue reading