Daily Insurance Industry News
 
 
Daily Insurance Industry News
Wednesday 18th of October 2017
December 12, 2011

Admiral considers legal services route

by Gill Montia

Story link: Admiral considers legal services route

Admiral is considering setting up a personal injury law firm, The Daily Telegraph has reported. Following the decision this autumn by the Ministry of Justice to ban referral fees for personal injury claims, the Cardiff-based group insisted that it had never sold customer details to personal injury lawyers or accident management companies. However, Admiral estimated […]



September 9, 2011

AXA and Admiral on referral fee ban

by Gill Montia

Story link: AXA and Admiral on referral fee ban

AXA UK has welcomed the Government’s decision to ban personal injury referral fees but warned that the move may not achieve all that is hope for. The fees, which have been blamed for inflating motor insurance premiums, are the “tip of the iceberg” so far as AXA is concerned, and the insurer is demanding a […]



Government to ban referral fees

by Gill Montia

Story link: Government to ban referral fees

Referral fees in personal injury claims are to be banned by the Government, the BBC has reported. The fees have been blamed for encouraging a compensation culture and for sharp rises in motor insurance premiums alongside an explosion of law firms offering no-win-no-fee services and pestering potential claimants with unsolicited approaches. According to the Association […]



August 24, 2011

Admiral profit up 27%

by Gill Montia

Story link: Admiral profit up 27%

Admiral has posted another record half-year profit and reported continued strong growth. Pre-tax profit for the six months to the end of June 2011 stood at £160.6 million, up 27% on the same period of 2010, while turnover rose 53%, to £1.1 billion. The insurer’s group vehicle count rose 33%, to 3.15 million, and international […]



July 4, 2011

Admiral at risk on “referral fees” ban

by Gill Montia

Story link: 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 […]



June 9, 2011

Admiral gets go-ahead for new Cardiff HQ

by Gill Montia

Story link: Admiral gets go-ahead for new Cardiff HQ

Admiral has announced that planning permission has been granted for a new headquarters building for its motor insurance business, in Cardiff. The insurer currently employs 2,000 people in the city and the new building will allow for staff numbers to rise to 3,000, all on the one site. The group’s chief executive officer, Henry Engelhardt, […]



March 2, 2011

Admiral reports 23% profits rise despite “mixed year”

by Gill Montia

Story link: Admiral reports 23% profits rise despite “mixed year”

Admiral Group has announced a 23% rise in pre-tax profit in 2010, to £266 million. Turnover, or total premiums written, rose 47% compared with 2009, to £1.58 billion, as customer numbers increased 32% to 2.75 million. The group, which owns the elephant.co.uk, Diamond and confused.com brands, also reported a 64% year-on-year rise in non-UK car […]



January 6, 2011

Admiral sells German car insurance business

by Gill Montia

Story link: Admiral sells German car insurance business

Admiral has sold AdmiralDirekt, the group’s car insurance operation in Germany, to Itzehoer Versicherung, for £4.4 million. The company says it remains focused on continuing the profitable growth of its UK operations and on building businesses in Spain, Italy, the US and France. Insurance contracts generated by AdmiralDirekt and underwritten by the group in 2011 […]



November 3, 2010

Admiral Group turnover up 50%

by Gill Montia

Story link: Admiral Group turnover up 50%

Admiral Group has reported a 50% rise in turnover in the third quarter of 2010, compared with a year earlier, with the insurer’s vehicle count increasing 28% to 2.6 million, despite a rise in premium rates. In the three months to the end of September, turnover at the group’s Confused.com operations remained stable, compared with […]



May 18, 2010

Admiral creates 751 new jobs

by Gill Montia

Story link: Admiral creates 751 new jobs

Car insurer Admiral claims to be bucking the trend in the economic downturn by recruiting 490 people so far this year and announcing plans to take on a further 261 workers by the end of June. With record turnover of over £1 billion in 2009 and customer numbers now past the two million mark, the […]



March 18, 2010

Which? challenges Admiral on racial discrimination

by Gill Montia

Story link: Which? challenges Admiral on racial discrimination

Which? has raised concerns over Admiral Group’s treatment of motorists born outside the UK. According to research by the consumer group, the insurer’s quotes vary by an average of 18%, dependent on how applicants answer the question “Have you lived in the UK since birth?” In making its argument, Which? says it has been advised […]



January 20, 2010

Admiral extends Munich Re US reinsurance agreement

by Gill Montia

Story link: Admiral extends Munich Re US reinsurance agreement

Motor insurer, Admiral, has announced that its reinsurance agreement with Munich Re for its new car insurance operation in the US (Elephant Insurance) has been extended. Alongside the agreement, Hannover Re will take one-third of the group’s US risk and Admiral will retain the final third. The company has also extended its long-term coinsurance and […]



November 10, 2009

Heath Lambert strikes Diamond home insurance deal

by Gill Montia

Story link: Heath Lambert strikes Diamond home insurance deal

Heath Lambert has announced that it is to be the sole provider of cover for Admiral’s Diamond home insurance brand, which is aimed at female customers. The new assignment comes alongside Heath Lambert’s existing involvement with Admiral’s elephant.co.uk brand. According to the broker, the revamped Diamond product will be unique to the market, providing a […]



September 7, 2009

Admiral boss slams executive salaries

by David Masters

Story link: Admiral boss slams executive salaries

Admiral’s chief executive, Henry Engelhardt, has lashed out at the salaries paid to other insurance bosses. The American millionaire, who takes home a £320,000-a-year salary, said he is “amazed” at the pay packets of other leaders in the insurance industry. “What can a [chief executive] do to warrant the kind of packages put together compared […]



August 26, 2009

Aviva pulls cover on insurance fraudsters

by David Masters

Story link: Aviva pulls cover on insurance fraudsters

Aviva has reported a significant increase in fraudulent insurance claims during the first half of this year. Fraudulent claims, including fake injuries and inflated car-repair bills, increased by around a third during the six months to June. Andrew Buck, Aviva’s claims fraud manager, speculated that the rise in claims is related to the economic downturn. […]



Admiral first-half profit up 5%

by Gill Montia

Story link: Admiral first-half profit up 5%

Admiral has posted pre-tax profit of £105.3 million for the first six months of the year, up 5% on the same period of 2008. Profit from UK car insurance business soared 18% to £101.2 million and UK turnover leapt 17% to £540.1 million. The group, which operates the confused.com website, said customer numbers rose 18% […]



July 10, 2009

Admiral bemoans bumping by “aggressive” drivers

by David Masters

Story link: Admiral bemoans bumping by “aggressive” drivers

Nearly half a million motorists claim for rear-end bumps every year at a cost of over £500 million to the insurance industry, Admiral said this week, blaming the high number of claims on “aggressive” drivers. The motor insurer calculated that rear-end bumps account for 420,000 claims per year, equivalent to one in four of all […]



May 1, 2009

Admiral chooses Thunderhead NOW to enhance communications

by Richard Kilner

Story link: Admiral chooses Thunderhead NOW to enhance communications

Motor insurer Admiral Group has chosen Thunderhead NOW to serve as its strategic multi-channel customer communications platform. The selection has been made following a large scale review of the marketplace, and will see Thunderhead provide Admiral with the bespoke, multi-branded documents necessary to handle the multi-channel communications that Admiral’s numerous brands (Bell, Diamond, elephant.co.uk and […]



Munich Re reduces stake in Admiral

by David Masters

Story link: Munich Re reduces stake in Admiral

Munich Re has cut its stake in UK-based motor insurer Admiral by almost a third. The Germany-based reinsurer reduced its holding from 15.1% to 10.22%, raising around €107m. Munich Re said the sale was made to ensure an appropriate mix of risk in its equity portfolio. The relationship between the two firms will be unaffected, […]



April 29, 2009

Admiral reports 18% rise in turnover

by Gill Montia

Story link: Admiral reports 18% rise in turnover

Car insurer, Admiral, has reported an 18% year-on-year increase in turnover during the first three months of the year, to £270 million. Customer numbers also rose by 18% (to 1.85 million) and the number of vehicles insured in the UK increased 16%. The group’s chief executive, Harry Engelhardt, said: “Against a backdrop of price increases […]