Why the ABI is urging the government to reduce the rates of Insurance Premium Tax?

Why the ABI is urging the government to reduce the rates of Insurance Premium Tax?

The ABI (Association of British Insurers) has provided data showing that the rise of Insurance Premium Tax (IPT) may have proven to be a false economy. With the rate of IPT doubling since 2015 and the latest figures showing a drop in personal health insurance falling by 10%, is the hike of IPT from 6% to 12% playing a major factor in the correlation of these two figures. Even corporate health insurance has been affected with the number of people covered dropping to 3.5 million (approximately 5%). Across the period from 2015 – 2019 it is reported that the total…