The government’s fiscal hack unleashes an insurance war to attract customers

Daniel Caballero

Madrid

Updated:

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The tax blow of the government 2021 has brought with it an increase in the tax on insurance premiums (IPS) from 6% to 8%. And every action has its reaction in the sector; in this case, a war between insurers to attract more customers and retain those they already have in their portfolio. This is assured by financial sources and this newspaper has confirmed it with the strategies followed by some of the main companies of the union.

The IPS is an indirect tax on insurance and capitalization operations. The 8% increase affects multiple branches such as auto, home and companies, and health are excluded. In this case, the client does not

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