France raises insurance levy to bolster terror fund
Friday, 10 21 2016, Category: Insurance and Reinsurance, Country: France
The rise of terrorist attacks in France has led its government and insurers to increase the levy on insurance by 37% to bolster a nation-wide compensation facility.
This week French State Minister Juliette Méadel announced a planned increase in the levy on personal and commercial lines policies in a bid to stabilise the Guarantee Fund for Victims of Terrorist and Other Criminal Acts (FGTI).
The tax on each policy will increase to €5.90 from €4.30. This is expected to bolster the fund by an additional €140m each year.
Source: Commercial Risk Europe