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Daily Insurance Industry News
Tuesday 21st of November 2017
July 4, 2011

Admiral at risk on “referral fees” ban

by Gill Montia

Story link: Admiral at risk on “referral fees” ban

Admiral at risk on “referral fees” ban

Admiral could be badly hit by an outright ban on referral fees, The Sunday Telegraph has reported.

According to the newspaper, the Cardiff-based group depends on “ancillary” sales for a high proportion of its UK car insurance profit, and analysts suggest that acceptance fees from personal injury lawyers and the like make up the bulk of such sales.

In March, Admiral reported a 23% rise in pre-tax profit in 2010, to £266 million, and group chief executive, Henry Engelhardt, described UK motor insurance business as “going like a freight train”.

 

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