The British Insurance Brokers’ Association (BIBA) has three main things on its wish list for the upcoming Spring Budget.
Amid the continuing cost-of-living crisis, BIBA wants the government to lower Insurance Premium Tax (IPT) rates, invest more in flood defences, and reform the apprenticeship levy.
“We know individuals and businesses are struggling due to the cost of living, and this sits at the heart of our calls to action in our latest Manifesto and our budget submission,” BIBA chief executive Graeme Trudgill said in a release.
“Recently there have been multiple stories about businesses and consumers cutting back on their insurance cover levels or, in extreme cases, cancelling cover entirely, and we believe that these measures will make a difference.”
The changes being sought by BIBA include IPT exemption for cyber insurance, given the low take-up numbers among businesses. In terms of flood defence spending, BIBA would like to see long-term investment at a higher level than in 2020, among other initiatives.
“2024 marks the start of the election year, and at a time when political parties are trying to appeal to the country for support, they need to consider the realities people are experiencing,” Trudgill said. “Particularly when their key economic targets include growth and economic security.
“We believe the measures we have set out would help increase the attractiveness of insurance; deliver cost savings for individuals and businesses; and improve wider resilience against flooding.
“Ultimately, insurance brokers always have customer protection at the heart of what they do, and we believe the upcoming Spring Budget is a great opportunity for the government to act on this at a national level.”
Spring Budget 2024 is scheduled on March 6.
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