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Car Insurance Costs 'Will Rise'
Car insurance premiums will continue to rise, Admiral has claimed.
The car insurance provider made the comments as a part of its latest profit declaration, which show that the firm's net income rose by 16 percent for the first half of 2008. This means that Admiral has earned over £100 million since the beginning of 2008.
Despite these figures, David Stevens, the chief operating officer at the insurer, claimed that the credit crunch and the general economic downturn would lead to drivers having to pay extra for their cover.
"Consumers can expect to see premiums rise slightly on top of the two to three percent increase seen in recent months," he said . "In the first half of 2008, its premiums were three percent higher than a year ago - though this is about half the five to six percent increases [which were] more widely expected.
"Premiums have been virtually flat in the past five to six years as insurers have used more of their reserves to help keep a lid on prices," he added. Mr Stevens also admitted that insurers would benefit from drivers using their cars less due to rising fuel prices, and making fewer claims as a result - but that premiums would, nevertheless, not drop as a consequence.
Shares in the insurer rose by around ten percent as the markets reacted to the news. Admiral staff are also to enjoy a windfall, gaining around £1,500 worth of shares due to the strong profits.
Admiral owns the Elephant brand, as well as female-only insurer Diamond.
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