Admiral, one of the UK’s largest motor insurers, has said the “cycle is turning” in the market as significant price rises help it fight against spiralling inflation.
Motor insurance prices have reached an all-time high as insurers ramp up their prices to match inflation in their costs, adding to cost-of-living pressures on households.
In its interim results on Wednesday, Admiral said big price rises helped its turnover grow a fifth to £2.2bn. Its underwriting margins weakened, though, in what it said was still a “challenging” market.
Elsewhere, Aviva said “strong rate increases” in its general insurance business had helped it manage the inflationary environment, as it released half-year results. It said it expected to exceed its medium-term targets for group cash generation.
