Overview

• Admiral’s half-year report disclosed a £50 million redress provision, excluding statutory interest, to cover underpayments on stolen or total-loss vehicle claims.
• The insurer acknowledged internal valuation processes lagged amid sharp used-car price swings, affecting roughly 3% of motor total-loss claims from 2019 to 2025.
• About half of the estimated redress cost was recognised in H1 2025, with the remainder accounted for in the previous financial year.
• Admiral plans to begin outreach to customers deemed underpaid in H2 2025, aiming to complete contacts before the end of the year.
• The Financial Conduct Authority is continuing its sector-wide probe of 12 major insurers and has advised customers to await contact for potential compensation.