Price cuts: Admiral boss Milena Mondini de Focatiis
Insurer Admiral said motor premiums have peaked in a welcome relief for drivers.
Car insurance prices hit an all-time high last year as inflation pushed up the cost of claims. But Milena Mondini de Focatiis, chief executive of the UK’s largest motor insurer, said it has stopped hiking car cover costs.
The FTSE 100 firm has even cut some prices to attract customers from rivals.
She said rises had caught up with inflation, adding: ‘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 should ‘try to limit’ rises to ease pressure on customers, she said.
Inflation is on course to fall to the Bank of England 2 per cent target within months after hitting 11.1 per cent in 2022.
Admiral full-year profit last year was up 23 per cent to £442.8million, and it added more than 500,000 customers in 2023.
