Don't expect cheaper deals says Admiral
MOTORISTS should not expect insurance premiums to continue falling, insurer Admiral warned yesterday.
There are some signs that premiums are no longer falling but we have yet to see firm evidence of an inflection point and a return to premium growth
Chief executive Henry Engelhardt said: “There are some signs that premiums are no longer falling but we have yet to see firm evidence of an inflection point and a return to premium growth.”
The cost of car insurance has fallen over the past three years due to heightened competition with new price-comparison entrants driving down prices.
Half year pre-tax profits at Admiral, which has 4 million customers, fell 1 per cent to £183million on revenues down 5 per cent at £1.04billion. It added 130,000 new customers in the year. The shares fell 79p to 1371p.