UK budget throws crumbs of comfort
The UK emergency budget last month imposed a smaller premium tax increase than feared by commercial insurers, while cheering the industry with a series of moves that should curtail the country's deteriorating competitiveness.
Gloomy expectations of a draconian hike in insurance premium tax (IPT) were disproved by Chancellor of the Exchequer George Osborne, with an increase of just 1 percent to 6 percent. In fact, most "big-ticket" London market insurance is exempt from IPT, which does not apply to reinsurance...
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