Other developments that could present market opportunities include ”the way young people buy motor insurance” and ”how vehicle ownership might move forward”. Reducing premiumsDespite the potential opportunities within the motor market, Skeet added that ”the FCA has indicated [that it is] not happy with certain elements of the motor insurance market”. Skeet added that the UK government could also reduce Insurance Premium Tax (IPT), which could “immediately help” premium affordability in the motor insurance market. IPT is a tax on general insurance premiums, including car insurance, home insurance and pet insurance. A higher 20% rate of IPT applies to travel insurance, electrical appliance insurance and some vehicle insurance.

Source: The Times January 31, 2024 11:48 UTC