Receipts from insurance premium tax reached £1.2bn ($1.5bn) in November 2024, bringing the total for the 2024/25 financial year so far to £6.65bn, according to HMRC data.
Legislative
Insurance Bureau of Canada (IBC) president and CEO Celyeste Power has criticised the country's ruling government for its failure to include funding to support the launch of a national flood insurance program in its Budget 2024.
Efforts to repeal the Federal Insurance Office have been simmering ever since it was established as part of the Dodd-Frank Act in 2010, and under Donald Trump’s second presidential administration, they may prove successful.
The governor of New York has signed a bill that amends the state's insurance law to add parametric insurance as an authorised line of business.
The Italian government has delayed the implementation of new rules that would make it mandatory for businesses to purchase catastrophe insurance.
The Australian Parliament has passed a suite of reforms aimed at bolstering the nation’s cyber defence and resilience, as well as advancing initiatives under its Cyber Security Strategy.
Receipts from insurance premium tax (IPT) reached £956mn in October 2024, bringing the total for the 2024/25 financial year so far to £5.5bn, according to HMRC data.
David Vigier, chief commercial officer and head of captives strategy at HDI, told The Insurer TV that France’s regulatory overhaul in 2023, that led to it becoming a captive-friendly domicile, took years of lobbying from the risk management community.
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.
The unofficial theme of this year’s insurance conference season has been the ongoing crisis in the US casualty market.
Industry body the Council of Insurance Agents & Brokers (CIAB) has predicted that the president-elect’s proposed tariffs are unlikely to have a direct impact on the insurance industry, while the potential effects of his proposed tax cuts will largely depend on the final balance of the House of Representatives.
The outcome of the US presidential election has several ramifications for the insurance industry, including the impact of fiscal, tax and regulatory policies.
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”.
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.
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.
