Price cuts: Admiral’s boss Milena Mondini of Focatiis
Insurer Admiral said car premiums have peaked, coming as a welcome relief for drivers.
Auto insurance prices hit an all-time high last year as inflation drove up the cost of claims. But Milena Mondini of Focatiis, chief executive of the UK’s largest car insurer, said she has stopped raising car cover costs.
The FTSE 100 firm has even cut some prices to attract customers from its rivals.
He said the increases had caught up with inflation, adding: “There was a lot to catch up on, but I think we are in a very different situation now.”
“We remain vigilant…but we are not raising prices and we are very committed to trying to be competitive.”
Insurers should “try to limit” increases to ease pressure on customers, he said.
Inflation is on track to fall to the Bank of England’s target of 2 percent within months after reaching 11.1 percent in 2022.
Last year, Admiral’s full-year profits rose 23 per cent to £442.8 million and it added more than 500,000 customers in 2023.
