insurethebox calls Insurance Premium Tax illogical amid HMRC review

insurancebusinessmag | June 14, 2019

insurethebox calls Insurance Premium Tax illogical amid HMRC review
Earlier this month HM Revenue & Customs (HMRC) launched an open consultation into how the Insurance Premium Tax (IPT) operates. While HMRC’s review does not cover current IPT rates and exemptions, insurethebox sees it as the perfect opportunity to delve into the levys relevance for telematics car insurance.IPT does not distinguish between traditional motor insurance and telematics insurance, even though telematics insurance has saved millions of pounds in costs related to road collisions - and more importantly saved lives, stated Simon Rewell, road safety manager at the pioneering telematics brand.

Spotlight

We predict travel-insurance sales to Americans traveling outside of the country will increase 2.88% in 2018 to $2.37 billion, still a positive result but down from our 4.93% projected increase for 2017. This prediction is based on projections of percentages of covered trips, traveler ages, and travel-insurance cost as a percentage of trip cost; calculations of total 2018 travel-insurance sales; and a comparison of those figures against last year’s figures.

Spotlight

We predict travel-insurance sales to Americans traveling outside of the country will increase 2.88% in 2018 to $2.37 billion, still a positive result but down from our 4.93% projected increase for 2017. This prediction is based on projections of percentages of covered trips, traveler ages, and travel-insurance cost as a percentage of trip cost; calculations of total 2018 travel-insurance sales; and a comparison of those figures against last year’s figures.

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