The UK’s Insurance Premium Tax rate is less likely to rise in the event of Brexit, according to a report released by insurers QBE.

The ‘What Brexit means for business’ report claims IPT rates are ‘increasing globally’.

“The UK IPT rate has been low compared to the rest of the EU for some time, and while we remain in the EU we will feel pressure to trend upwards towards the EU average,” said Ian Smith, head of tax for QBE’s European Operations.

“Outside the EU there may be less pressure to join the level playing field, and this could provide benefits for UK insurers that would be passed on to clients.”

The UK’s rate of 9.5% is set to rise to 10% from October 1, still significantly lower than Finland (24%), Germany (19%), Italy (21.25%), and The Netherlands (21%).

However, according to research from TMF Group, as of November 2015 12 EU nations had no IPT in place, with another eight countries levying rates lower than the UK’s current level.