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HMRC internal manual

Insurance Premium Tax

The Insurance Industry: Types of insurance: Purpose and outline of this section

This section provides a brief introduction to the various types of insurance available. There is no easy way to illustrate the breadth of risks against which a person or business can insure themselves against. In fact, it is fair to say that generally it is possible to insure against just about any personal or commercial risk unless they are:

  • contracts that are contrary to public policy; or
  • wagering policies, those policies where the insured lacks an “insurable interest”, i.e. a pecuniary interest in the subject matter of the insurance.