In a statement, the British Association of Insurance Brokers (BIBA) said: [Chancellor] IPT rates remain the same. ” “This is certainly a relief for insurance customers who are already faced with rising premiums due to various external reasons,” said the association. “But taxes are still an important part of the cost of debt, and future spending plans take into account road safety benefits by removing and increasing absorption of premium taxes in telematics-based policies. I hope. ”
Citing the latest government cybersecurity breach investigation, BIBA will suspend or reduce the IPT of cyber insurance policies as only 6% of businesses in the UK have a dedicated cyber insurance policy. He adds that it helps “increase absorption and increase exercise capacity”.
The Association of Health Insurance Companies (AMII) was also relieved that snacks did not increase IPT rates, but the group pledged to continue advocating for health products that were judged to be bad.
“Like other protective and general products, we insist that medical costs should be centralized for IPT purposes. They have the same value for the health of the national and UK economies. That helps,” said Dave Middleton, Managing Director Chairman AMII.
Read more: What does the 2020 budget bring for the insurance industry?
This is a summary of some of the key points in the snack speech and what the major insurance players have to say.
Universal Tax and Credit
Sunak announced that Universal Credit’s discount rate would be reduced from 63% to 55% by December 1 to allow plaintiffs to retain more payments. The government also plans to increase the universal credit allowance for low-income households by £500 a year.
Group Risk Development (GRiD), an industry group in the area of group risk, welcomes this development, which not only “pays for work”, but also secures group income if the employer provides a steady income. Means payment. “You cannot work for long periods due to illness, injury or disability. ”
The government has allocated £24 billion for housing, of which £11.5 billion for 180,000 affordable homes, and a Brownfield website is under development. Real estate developers earning more than £25m were also taxed at 4% to set up a £5bn fund to remove harmful layers.
Claudio General, CEO of AXA UK and Ireland, said: “As we enter a new and exciting construction phase that emphasizes sustainability and the use of the latest construction methods, we will be redesigning our planning systems and building codes to ensure the safety and sustainability of UK housing construction in the background. front. It’s important, center. ”
Otherwise, the general added that “there is a risk of repeated post-war mistakes”.
“[They involve] building homes and infrastructure that are not suitable for future generations to be phased out or changed decades later,” he said. [”] [Rule] This should impose a legal obligation on all contractors to remember that buildings are not insured at all stages of the design process. ”
Read more: According to Glenfell, the threat of paying tile fees tortures citizens
Restoration of public services
The government, backed by a £5.9bn capital investment of over £8bn, allows the NHS to tackle the raw parts of non-urgent procedures and modernize digital technology.
Mr Middleton said he was pleased that the Prime Minister had “invested a lot of resources in addressing the NHS record waiting list” but more in stimulating the NHS and the private health sector. He admits there are many things he can do.
“The measures he announced are unlikely to solve the unprecedented problems facing healthcare services, and subsidized private health insurance will surely relieve the NHS but keep the government from starving. It’s really frustrating to watch,” he said.
The government is doubling again to reduce the potential and impact of floods
Percentage of investment in flood risk management program (FCERM). The £5.2 billion investment aims to better protect the UK’s 336,000 properties from flooding. The government will also invest an additional £27 million to support flood events and emergency response and an additional £22 million annually to maintain flood protection.
“I am pleased that the government has pledged to add £22 million annually to maintain flood protection,” BIBA said. “We are also pleased that the government has commissioned a new study from the National Infrastructure Commission on effective surface flood management in the UK. This study will cover traditional infrastructure and natural solutions. The role of various interventions, including, is also taken into account. We want to work with the government to implement more general and property-specific sustainability measures. ”
Read more: Flood Re presents a plan to restore the flood insurance market
The government plans to increase government spending on skills and education by 42% or around £3.8 billion. Sunak also confirmed the future launch of a computer program in the UK that will help 500,000 adults improve their computing skills.
“We welcome the government’s commitment to provide skills education and funding as part of the national career path,” said Genial. “But the government still needs to work faster to identify and address the specific skills gaps facing the UK.
“To achieve the government’s goals in key policy areas such as net zero, housing and the future of transportation, the government needs to urgently build a flexible workforce with the right skills. We need to develop and implement a comprehensive skills strategy in this area to ensure the technical skills needed to make real progress over the next few years.