UK – Looming storm in insurance industry
Friday, 05 12 2017, Category: Insurance and Reinsurance, Country: United Kingdom
The British Insurance Brokers Association (BIBA) CEO Steve White has warned the insurance industry to be wary of current turmoil affecting the sector.
The conditions causing most concern include doubling of Insurance Premium Tax (IPT) in only 18 months and the threat of more increases to come; Ogden discount rate change used for calculating catastrophic injury damages; Increasing inflation and decreasing value of Sterling; and the coming election.
At the BIBA Conference 2017 in Manchester, he said that Brexit and the need to find suitable solutions to enable the insurance sector to continue to trade in Europe, is also an important concern.
Source: Intelligent Insurer