Admiral to be Admired?

Peter_Piper_picked

Admiral...

Profits:

2008: 204mil
2009: 215mil
2010: (You research!)
2011: (You Research!)

Google:

1. "Admiral Insurance Profits 2008"
2. "Admiral Insurance Profits 2009"
3. "Admiral Insurance Profits 2010"
4. "Admiral Insurance Profits 2011"

Also Google: "Henry Engelhardt, Sunday Times Rich List"

I read that admiral have a share scheme for thier employee's, and also read that they had paid out an amazing 9m to these employees (3-4000 employees)

Now, 9mil might sound like a lot but when divided by 3000-4000 employees it's not really so big, "Do the math".

Great! they earnt it!

Stating that it is infact "Profit" then take into account that all claims have been settled and all debts for the year (If any) have been paid, as profit does afterall mean "Profit".

Source: Sunday Times Rich List

Insurance
Topping the insurance rich list big hitters is Henry Engelhardt and family, ranked 120 with a wealth of £648m. The American chief exec of Admiral has a stake of almost £617m. Admiral is worth £4.1bn.


Research this for yourself, research the company, owners, top paid employees.


They all cry poverty and grief stricken by fraudulent claims yet they are obviously earning "profits".


Policies are still rising out of control each year with such "profits".



I also learnt that in 2008 they owned, Elephant dot com, Confused dot com, Bell Direct and Diamond, the womens car insurance specialist.


Do Admiral still own the above companies? (Research it!)


Google: "Who owns your insurer?"


Fantastic success!


I admire Admiral!



They Earnt it!



Gotta love the internet!

Peter_Piper_picked

Bumpy bump bump

adamc260

Erm ok.. quite obvious you love Admiral?

Their staff get £3000 worth of shares a year that can be sold after being with the company for 3 years... senior staff get more and managers get £10,000 worth of shares.

The reason admiral make record profits is because their claims department is quite tight with payouts... Accidental loss departments are targeted to settle total loss/stolen car payouts BELOW bottom book etc

dunstonh

The reason admiral make record profits is because their claims department is quite tight with payouts... Accidental loss departments are targeted to settle total loss/stolen car payouts BELOW bottom book etc

They also have significant cross sales of ancillary products

adamc260

dunstonh wrote: »

They also have significant cross sales of ancillary products

Yup, used to work for them

vaio

adamc260 wrote: »

........The reason admiral make record profits is because their claims department is quite tight with payouts... Accidental loss departments are targeted to settle total loss/stolen car payouts BELOW bottom book etc

Insurance world gossip/urban myth or fact?

If it's fact might I suggest you report it to the FOS/FSA as it would seem to be in breach of their rules

dacouch

vaio wrote: »

Insurance world gossip/urban myth or fact?

If it's fact might I suggest you report it to the FOS/FSA as it would seem to be in breach of their rules

There policy cover has a number of deliberate ommissions, for instance with virtually every insurer, if you write your car off in the first year of ownership from new (Two years with a few companies). The Insurer will replace with a brand new equivalent.

This cover is not included in Admiral group companies policies, so they would just pay the market value taking into account any depreciation.

Admiral are reported to be the most profitable motor insurer (In percentage terms) out of all companies in Europe.

adamc260

vaio wrote: »

Insurance world gossip/urban myth or fact?

If it's fact might I suggest you report it to the FOS/FSA as it would seem to be in breach of their rules

Read above Had a lot of friends on the ADL teams and would often hear the targets set to them... not saying everyone has their claim settled in that way but a lot would.

Peter_Piper_picked

Ah, nothing like a good debate...

Did anyone do any research or do they feel they have no need to?

vaio

dacouch wrote: »

There policy cover has a number of deliberate ommissions, for instance with virtually every insurer, if you write your car off in the first year of ownership from new (Two years with a few companies). The Insurer will replace with a brand new equivalent.

This cover is not included in Admiral group companies policies, so they would just pay the market value taking into account any depreciation......

But the new for old car thing is transparent in that you know about it when you buy the policy, what Adam was claiming is.....

adamc260 wrote: »

......Accidental loss departments are targeted to settle total loss/stolen car payouts BELOW bottom book etc

which, if true, would be in breach of the FSO/FSA rules which require insurers to ".......within a reasonable time, offered the full retail value (not the trade value) in accordance with the main motor trade guides......."

dacouch

vaio wrote: »

But the new for old car thing is transparent in that you know about it when you buy the policy, what Adam was claiming is..... which, if true, would be in breach of the FSO/FSA rules which require insurers to ".......within a reasonable time, offered the full retail value (not the trade value) in accordance with the main motor trade guides......."

I agree it is transparent, although a huge amount of people would not notice it as they would not notice it's actually ommision from the policy as they would not know what to look for and it's not pointed out.

Soolin who is a member on here lost a couple of grand on her claim due to this lack of cover on her claim.