Legislative

IPT bill reaches £5.5bn in 2024/25 tax year so far

Receipts from insurance premium tax reached £956mn in October 2024, bringing the total for the 2024/25 financial year so far to £5.5bn, according to HMRC data.

Trump tariffs could knock 5% off global trade growth: Allianz Trade

Donald Trump’s re-election as US president may provoke a renewed but contained trade war that could bring nominal global trade growth below 5 percent, with Allianz Trade analysis suggesting this scenario would bring down UK export gains by $2.8bn.

How the US presidential election will impact the insurance industry

The outcome of the US presidential election has several ramifications for the insurance industry, including the impact of fiscal, tax and regulatory policies.

Insurers broadly welcome UK budget despite disappointment at lack of captive consultation

Insurers welcomed the government's focus on stability, predictability, and investment in its Autumn budget despite disappointment at the lack of a UK captive regime consultation.

UK chancellor Reeves raises employers’ NI and capital gains tax in first budget

In her first budget since the July general election, UK chancellor Rachel Reeves has raised national insurance contributions for employers and capital gains tax in a bid to “restore stability”.

Captives and competitiveness top industry agenda ahead of UK budget

An effective UK captive regime and a broader regulatory framework that prioritises competitiveness and accountability are top of the agenda for the UK’s insurance trade bodies ahead of today’s Autumn Budget.

Tax hikes likely at Autumn Budget, Allianz Trade warns UK insurers

With the UK’s Labour government so-far ruling out tax hikes on income tax, national insurance and VAT, the autumn budget at the end of the month is likely to feature raids on “other taxes” as the UK economy picks up momentum from a weak 2023, according to Allianz Trade.

Singapore govt to block Allianz’s S$2.2bn Income Insurance purchase

The Singapore government has announced its intention to block Allianz’s S$2.2bn ($1.68bn) deal to purchase a majority stake in Income Insurance.

Insurers urge support for Representative Issa’s litigation funding transparency bill

US Representative Darrell Issa has introduced legislation that would require disclosure of third-party litigation funding in civil litigation, a move welcomed by insurance trade associations.

Navigating Florida’s dynamic insurance market

David Unsworth, managing director at Howden Re, takes the pulse of the Florida market following the enactment of reforms aimed at curbing legal system abuse.

Sampson: Broad approach needed to address California’s fundamental problems

Two of the biggest issues for APCIA members are rebalancing risk in response to natural catastrophes and tackling litigation abuse, the association’s CEO David Sampson has told this publication.

ICA urges insurance tax cuts as premiums rise

Australian insurers have called on the government of Queensland to abolish controversial taxes on insurance premiums in a bid to ease the pressure on policyholders and bolster resilience in the heavily cat-exposed state.

IAG backs NZ govt inquiry into climate adaptation, calls to address market failures

The New Zealand arm of IAG has welcomed a government committee’s inquiry into climate adaptation, with the insurer underlining the importance of building political consensus around changing climate patterns.

Labour, Liverpool and learning

A postcard from the Labour Party conference by London Market Group CEO Caroline Wagstaff.

UK anti-terrorism law to spur demand for D&O and public liability cover

The introduction of the Protect Duty – also known as Martyn’s Law – into UK parliament is likely to lead to increased demand for terrorism insurance, with subsequent knock-on effects including an uptick in D&O claims, according to DAC Beachcroft’s insurance team.

UK brokers renew call for IPT cut at upcoming Autumn Budget

The British Insurance Brokers’ Association has called on UK chancellor Rachel Reeves to better support (re)insurance intermediaries and policyholders by cutting insurance premium tax in the upcoming Autumn Budget.

Labour commits to new anti-terrorism legislation as Martyn's Law moves forward

The UK’s new Labour government has included the long-anticipated Protect Duty – also known as Martyn’s Law – in its legislative agenda, in a move welcomed by the London (re)insurance market.

UK insurers back Labour’s “bold” legislative agenda following King’s Speech

The Association of British Insurers has welcomed the “bold plan for growth” set out in the Labour government’s legislative agenda, which is focused on reviving the economy and tackling issues including a country-wide housing shortage and the cost-of-living crisis.

Tulip Siddiq named City minister

Tulip Siddiq has been formally confirmed as Britain's' City minister by HM Treasury, a move which hands the Labour MP responsibility for overseeing the financial services sector.

New EU due diligence rules may see uptick in D&O and E&O exposures: RPC

RPC has warned there is a “strong likelihood” that insurers will face increased D&O and E&O exposures under the Corporate Sustainability Due Diligence Directive, as the “far-reaching and onerous” legislation widens the scope for redress and enforcement.

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