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November 2016

Conor Brennan, head of UK General Insurance at Zurich said:

"It's only really a slight surprise that the Chancellor has today announced a further increase in the rate of Insurance Premium Tax, as it's still a long way short of VAT which we may have to assume is a level where the Treasury sees this going in the future. However, it is disappointing and worrying that a trend is emerging as this will be the third increase in an 18 month period and does nothing to help manage the cost of insurance."

"The various changes doubles the rate applied to commercial and personal premiums from 6% around a year ago to 12% from June next year. As well as the costs on insurers to implement changes, it'll be a blow to customers large and small who are trying to control their spending more than ever."

"But the recent announcement of the Government's long-awaiting consultation to crackdown on whiplash claims is welcome news, and we look forward to seeing the finer details of the proposals which follow. Reducing the costs which all motorists face around whiplash claims is all the more valuable against the impending IPT rise."

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