Admiral Sets Aside £50m For Customer Compensation

Admiral, one of the UK's largest motor insurers, has allocated £50m to compensate customers who received inadequate settlements for stolen or written-off vehicles between 2019 and 2025.

The provision follows a Financial Conduct Authority (FCA) investigation into motor insurance settlement practices across the sector.

Regulatory investigation and response

The FCA has been investigating 12 major insurers, representing 70% of the UK motor insurance market, for insufficient settlement payments.

Admiral has acknowledged that internal processes failed to respond quickly enough to rising used-car prices. Approximately 3% of Admiral's motor total loss claims over the examined period were affected. Admiral expects to contact affected customers before the end of the year, although the exact identification process remains unspecified.