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View all the latest Zurich Municipal News<h1>2017 Insurance Premium Tax increase announced </h1><br><br> <p>The Government has announced that the standard rate of Insurance Premium Tax (IPT) in the United Kingdom will increase from 10% to 12% with effect from 1 June 2017. </p><p>This will be the third rise since November 2015, meaning that IPT will have doubled from 6% to 12% in less than two years. This comes as a challenge for customers large and small who are trying to manage their spending more than ever, as well as the costs on insurers to implement changes. </p><p>However, the recent announcement of the Government's consultation to crackdown on whiplash claims is welcome news. Reducing the costs associated with whiplash claims which all motorists face is all the more valuable against the impending IPT rise.</p> <br> <p>If you have any further questions about your policy, please contact your Risk and Insurance Consultant.</p>2016-12-21T15:48:12Z<h1>IPT raise to 12% from June 2017 </h1> <p> "It's only really a slight surprise that the Chancellor has today announced a further increase in the rate of Insurance Premium Tax, as it's still a long way short of VAT which we may have to assume is a level where the Treasury sees this going in the future. However, it is disappointing and worrying that a trend is emerging as this will be the third increase in an 18 month period and does nothing to help manage the cost of insurance." </p><p> "The various changes doubles the rate applied to commercial and personal premiums from 6% around a year ago to 12% from June next year. As well as the costs on insurers to implement changes, it'll be a blow to customers large and small who are trying to control their spending more than ever." </p><p> "But the recent announcement of the Government's long-awaiting consultation to crackdown on whiplash claims is welcome news, and we look forward to seeing the finer details of the proposals which follow. Reducing the costs which all motorists face around whiplash claims is all the more valuable against the impending IPT rise." </p>2016-12-01T07:15:55Z's-response-to-the-civil-justice-system.aspx<h1>​Zurich's response to the civil justice system consultation from the Independent Inquiry on Child Sexual Abuse</h1> <br> <p>​In September 2016 Zurich responded to the consultation (Issues Paper) issued by the Independent Inquiry on Child Sexual Abuse on the civil justice system in relation to abuse claims. The responses to the consultation have now been published - you can find ours <a href="/Assets/Lists/Anonymous%20Content/ZM/2016-09-29%20-%20Zurich%20-%20Submission%20on%20IICSA%20issues%20paper%20number%201.pdf">here</a>.</p>2016-11-22T11:35:59Z<h1>Local authorities are ‘worlds apart’</h1><ul><li> <em>New report from Zurich Municipal highlights significant polarisation between local authorities around the UK</em></li> <br> <li> <em>A number of councils concerned about community cohesion in tough times</em></li> <br> <li> <em>Council CEOs view bold calculated risk as the new ‘default position’</em> </li></ul><p>The local government landscape is becoming increasingly polarised and can be characterised as the ‘haves and have nots’, a new report by Zurich Municipal has found.</p><p> '<a href="/Assets/Lists/Anonymous%20Content/ZM/news/The%202016%20senior%20managers%20risk%20report.pdf">Worlds Apart: The 2016 Senior Managers’ Risk Report</a>' was launched today at the SOLACE Summit in Newcastle Gateshead and is based on in-depth interviews with cumulatively 60 council CEOs across the United Kingdom over the last four years.</p><p>The report identified significant variations in the fortunes, aspirations and challenges facing Britain’s councils. While many local authorities are becoming bold commercial entities and driving forward their communities, some are facing serious funding black holes, which they claim is putting social cohesion at risk. One council CEO claimed that “society as we know it may start to break down”.</p><p>Much of the polarisation is being driven by years of austerity. Britain’s councils have made £10 billion in savings over the last six years, and must save another £10 billion. Some councils are optimistic on being able to rise to the challenge of making further significant savings, with one CEO saying “We will grow our way out of austerity.” </p><p>Others however, are not as confident. One CEO explained that their council was “not financially sustainable”, while another claimed that “people haven’t seen the impact of cuts yet, but they will”. At least one council suggested that it would not be able to fund mandatory obligations in the next 18 months.</p><p>Britain’s decision to leave the European Union (EU) could add further pressures on councils. With local authorities dependent on economic growth to continue to deliver essential services, council chiefs will be keeping a close eye on the shape of the economy once the UK formally leaves the EU.</p><p>Despite the stark differences between some local authorities, the report found that most council chiefs recognised a need for fundamental change. CEOs interviewed by Zurich Municipal said that risk-taking is now not just widespread but the default position. CEOs are increasingly accepting considerably greater risks in hopes of reaping higher rewards.</p><p>Other key trends revealed in the report include:</p><ul><li>Some local authorities will be completely <strong>dependent on money generated from council tax and business rates</strong> by 2020 and, for some CEOs, this is an ‘impossible dream’</li> <br> <li>Councils are increasingly focussing attention on <strong>prevention</strong> of issues across all public services. Many CEOs have recognised that early intervention means fundamentally changing their model from providing for residents to working alongside them</li> <br> <li>There is an increasing trend towards <strong>whole system working</strong> to escape the confines of governance systems in public services that are no longer fit for purpose</li> <br> <li>A 4% increase in NHS demand combined with just a 0.9% increase in funding is forcing local authorities to look for <strong>partnership models in health and social care</strong></li> <br> <li> <strong>While combined authorities are springing up across the country</strong> as authorities look to benefit from devolution, other CEOs view devolution as an unnecessary distraction</li> <br> <li>Climate change has taken a back seat to short-term economic priorities, but some local authorities are again starting to plan for flooding and other associated risks, following the devastating floods in 2015</li></ul><p> <strong>Speaking at the SOLACE Summit, Andrew Jepp, Managing Director, Zurich Municipal, said:</strong></p><p> <em>“We are increasingly in a situation where local authorities are worlds apart. Some are reaping massive benefits, investing in growth and seeing that work for them. At the same time, there are some saying that are likely to run out of money in the next year and a half, putting their community sustainability at risk. </em></p><p> <em>“Another key finding of this report and our conversations with CEOs is that risk avoidance has become risk taking for many councils, and that many are considering fundamental shifts in their relationship with citizens. In this unremitting financial and political environment, this is unavoidable.”</em></p>2016-10-14T14:19:48Z<h1>Verifying Access to Zurich Municipal Members Area</h1><p>At Zurich Municipal we are always striving to ensure our customers have access to the very best levels of support, with this in mind we are asking all our customers to ensure their registered internet access is up-to-date. Commencing 7th January, we will email the main contact of each customer with registered website users providing details on who within the organisation has access to what information.</p><p>Email will be sent from "Zurich Insurance plc" and have a subject heading of "Zurich Municipal Important Information".</p><p>Details of how to request changes will be in the email. If details are correct and no changes are required to the registered users, no further action will be required.</p><p>If you require any further information, please contact your Risk and Insurance Consultant or Underwriter. Alternatively, you can email</p>2015-12-16T10:47:23Z<h1>​Insurance Premium Tax changes<br></h1><p>The UK Government announced on 8 July 2015 that it would be increasing the standard rate of Insurance Premium Tax (IPT) from 6% to 9.5% with effect from 1 November 2015 for all new business, renewals and additional premiums for mid-term adjustments.</p><p>The current standard UK IPT rate of 6% is one of the lowest in the European Union (EU), and after the increase in the standard UK IPT rate to 9.5%, it will still be lower than that of many other EU member states.<br> <br>There will be a four-month concessionary period that will begin on 1 November 2015 and end on 29 February 2016, during which qualifying premiums relating to policies entered into before 1 November 2015 will continue to be liable to IPT at 6%.<br> <br>From 1 March 2016, all taxable premiums will be subject to the new standard IPT rate of 9.5% (except for certain risks that may be either exempt or subject to the higher rate of IPT), regardless of when the policy was entered into.</p><p>If you have any further questions about your policy please read our frequently asked questions below or contact your Risk and Insurance Consultant. </p><p><br></p><h2>Frequently Asked Questions</h2><p><br></p><h3>What IPT will I be charged for new business and renewals?</h3><p>All new business and renewals with an inception / renewal date on or after the 1<sup>st</sup> November 2015 will be charged at 9.5%.</p><p>New business and renewals with an inception date prior to the 1<sup>st</sup> November 2015 will be charged at 6%.</p><h3>What is the concessionary period and how does it apply?</h3><p>A concessionary period runs from 1st November 2015 until 29th February 2016. This allows insurers to write premium for policies that have incepted or renewed prior to 1st November 2015 at the old rate provided it is processed on Zurich systems by 29th February 2016. </p><p>Policies debited on 1<sup>st</sup> March 2016 or after this date will be liable for IPT at 9.5%.  </p><h3>What happens if I made a mid term adjustment on policies incepted or renewed before 1st November 2015?</h3><ul><li>Additional/return premiums processed up to and including 29th February 2016, will be subject to the 6% IPT.</li><li>Additional/return premiums processed after 29<sup>th</sup> February 2016 will be subject to the 9.5% IPT. </li></ul><p><br></p><p>If you have any further questions about your policy please contact your Risk and Insurance Consultant.<br></p>2016-03-16T17:34:10Z


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