Admiral shares slump 12% on claims fears
Shares in Admiral plummeted today (24 August) as investors fear that the UK motor insurer is finally being caught up in the claims inflation that has bedevilled its competitors.
By late afternoon, shares in the sector leader were down 12 percent to 1,351p as the insurer said it was experiencing higher claims than expected.
The group's half-year combined ratio widened from 82.8 percent to 90.4 percent, with the deterioration principally driven by a fall in reserve releases from £17mn to...
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