Shock IPT rise leaves industry concerned
Experts warn increased Insurance Premium Tax will drive consumers from buying insurance.
The insurance industry has reacted strongly to the decision to increase Insurance Premium Tax (IPT) to 9.5%.
Following the announcement by Chancellor George Osbourne in the summer Budget for 2015 the British Insurance Brokers' Association (Biba) said it was "extremely disappointed" in the decision.
Meanwhile Neil Nimmo, deputy CEO of Lockton, was concerned about the effects it will have on commercial markets.
Economy
Nimmo said: "This is going to lead to a huge increase in the cost of insurance
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