Legal News
Car Insurer Admiral Sees Record Number of Personal Injury Claims (14 November 2011)
Date: 14/11/2011
Car insurer Admiral has told of how record numbers of personal injury compensation claims are likely to impact its growth in profits. The Cardiff-based firm recently claimed that the ban on personal injury referral fees will influence its full-year earnings. Admiral currently insures 3.3 million vehicles; its group turnover rose by 30 per cent to a total of £582 million during the third quarter of the financial year. Admiral’s chief executive officer, Henry Engelhardt, claimed that regardless of the continued higher sum of large claims in the third quarter, he expected the company to report a record full year of profit growth. Mr. Engelhardt predicts that the company’s profits will be ten per cent greater than the previous year.
In 2010, Admiral’s profits increased 23 per cent to a total of £265.5 million. During this period, the company failed to experience a similar surge in personal injury compensation claims to that of other insurance companies. A considerable increase in profits from areas such as personal injury insurance cover, breakdown cover, and referral fees were stated as reasons for the rise. Admiral has a policy of not selling customer data yet in the event that one its policyholders experienced an accident for which they were not to blame, the company would put the policyholder in contact with a personal injury solicitor. The company recently announced that personal injury compensation claim referral fees was responsible for bringing in approximately six per cent of its profits before taxation.
Duncan Lewis’ personal injury solicitors can instigate legal proceedings on behalf of clients seeking general or special compensation claims.