Relief for motorists as Admiral says automobile cowl costs have peaked
Price cuts: Admiral boss Milena Mondini de Focatiis
Insurer Admiral mentioned motor premiums have peaked in a welcome aid for drivers.
Car insurance coverage costs hit an all-time excessive final yr as inflation pushed up the price of claims. But Milena Mondini de Focatiis, chief government of the UK’s largest motor insurer, mentioned it has stopped mountaineering automobile cowl prices.
The FTSE 100 agency has even lower some costs to draw clients from rivals.
She mentioned rises had caught up with inflation, including: ‘There was a lot to recover but I think we are in a very different situation now.
‘We remain vigilant… but we are not increasing prices and are very committed to trying to be competitive.’
Insurers ought to ‘try to limit’ rises to ease stress on clients, she mentioned.
Inflation is heading in the right direction to fall to the Bank of England 2 per cent goal inside months after hitting 11.1 per cent in 2022.
Admiral full-year revenue final yr was up 23 per cent to £442.8million, and it added greater than 500,000 clients in 2023.
