IPT BRINGS IN £4.8 BILLION A YEAR
The London Times reports that Insurance Premium Tax is rising faster than the duty on tobacco in the UK. Since its introduction IPT has grown to the point where it contributes some £4.8billion to the Treasury each year.
The Social Market Foundation calculates that IPT costs each household in the UK around £179, with about £90 of that cost coming directly from motor, pet and home insurance policies. The rest of that £179 figure is made up by costs passed on by businesses, who of course must charge higher retail prices after adding up their overheads.
TENANT INSURANCE SCHEME TO REPLACE DEPOSITS?
A survey by Upad has revealed that under 10 percent of tenants and landlords in the UK are aware of insurance premium schemes, which could replace the traditional deposit.
The survey also highlighted that 37 percent of the tenants surveyed would rather pay a monthly insurance sum, rather than perhaps borrow to raise the lump sum deposit. About 35 percent of landlords agreed that they would prefer a monthly payment. Some tenants wanted to keep the deposit system, as they felt that they might get money back one day, whereas with an insurance scheme they would not.
DIRECT LINE FOR BUSINESS – NEW MARKETING DIRECTOR
Claire Sadler has joined Direct Line for Business as Director of Marketing, moving from BT, where she was responsible for brand marketing across EE, BT and Plusnet. Sadler will help launch Direct Line’s offerings to SMEs and small traders, such as hairdressers, van drivers, landlords and so on.
CYBER SECURITY SUMMIT 2017
The Cyber Security Summit and Expo is due to take place in London on November 16th, with some 2000 delegates attending. Speakers of note for the Insurance sector include Nausicca Delfas from the FCA, and Peter Brown from the Information Commissioners Office. More here.
PHONE USERS LIVING WITH BROKEN HANDSETS
Bdaily reports that mobile phone users are living with things like cracked screens, or malfunctioning handsets, due to a lack of insurance.
Bdaily quotes research from Nationwide Flex Plus that states some 2.4 million users are walking around with a cracked screen. Some 42 percent said that they had damaged their phones at some point. The survey found the average cost of fixing a broken screen was £55, with faulty buttons costing £40 and overheating problems costing £37 to put right.