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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Admiral Group plc    ADM   GB00B02J6398

ADMIRAL GROUP PLC

(ADM)
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Real-time Estimate Quote. Real-time Estimate CHI-X - 01/21 11:30:00 am
2943 GBX   +0.79%
01/14ADMIRAL : named a centre of Excellence in Wellbeing
PU
01/05INSIDER TRENDS : Insider at ASGN Awarded Stock Portion of Which is Sold for Taxes
MT
01/04ADMIRAL : Holding(s) in Company
AQ
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Bank of England warns insurers risk unexpected COVID losses

11/13/2020 | 08:16am EST
FILE PHOTO: A general view of The Bank of England and the Royal Exchange

LONDON (Reuters) - Insurers in Britain risk being optimistic in estimating losses from COVID-19 related claims and should stress test their underlying assumptions, the Bank of England said on Friday.

Insurers in Britain have come under fire for failing to pay out on claims from businesses disrupted by lockdowns to fight the pandemic that tipped the economy into a steep recession.

The Bank of England (BoE) set out in a letter to insurers on Friday its findings from a review across the general insurance sector on reserving, managing exposures and dealing with uncertainty over contracts in light of COVID-19.

It said that COVID-19 had added complexity and uncertainty to estimating ultimate losses from policyholder claims.

"Our work has highlighted that a number of firms have not been able to accurately identify and track COVID exposed policies, leading to unexpected COVID losses," the BoE said in a letter to insurers.

"Firms should ensure that this uncertainty is reflected in the reserve estimates and that, where possible, appropriate procedures are put in place to identify and track exposed policies."

A number of insurers' estimates for COVID-19 losses on casualty classes like employer's liability or professional indemnity may be "optimistic", it said.

"You can expect us to seek evidence of the risk function's involvement in challenging reserving teams, and ensuring that the board is suitably well-informed about the uncertainty the above risks give rise to before it sets the reserves," the BoE said.

COVID-19 has demonstrated how disputes can arise over wordings in policies and insurers should consider identifying and monitoring such risks, the BoE said.

"In the coming months you can expect us to discuss with you how you have considered each of the points raised in this letter," the BoE said.

A test case brought by the Financial Conduct Authority against insurers over business interruption wordings goes to appeal next week.

The outcome of the case is expected to affect 60 insurers, 370,000 policyholders and billions in claims.

(Reporting by Huw Jones and Carolyn Cohn; Editing by Alison Williams and Mark Potter)

By Huw Jones


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ADMIRAL GROUP PLC 0.79% 2944 Delayed Quote.1.27%
AVIVA PLC 0.43% 349.5 Delayed Quote.7.47%
BEAZLEY PLC 0.46% 349 Delayed Quote.-4.28%
DIRECT LINE INSURANCE GROUP PLC -0.80% 321.8 Delayed Quote.0.88%
HISCOX LTD -1.47% 991.2 Delayed Quote.-0.48%
LANCASHIRE HOLDINGS 1.31% 732 Delayed Quote.1.17%
RSA INSURANCE GROUP PLC 0.09% 677 Delayed Quote.-0.06%
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More news
Financials
Sales 2020 679 M 931 M 931 M
Net income 2020 447 M 613 M 613 M
Net Debt 2020 234 M 322 M 322 M
P/E ratio 2020 19,7x
Yield 2020 4,96%
Capitalization 8 472 M 11 630 M 11 626 M
EV / Sales 2020 12,8x
EV / Sales 2021 11,2x
Nbr of Employees 11 246
Free-Float 65,3%
Chart ADMIRAL GROUP PLC
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Admiral Group plc Technical Analysis Chart | ADM | GB00B02J6398 | MarketScreener
Technical analysis trends ADMIRAL GROUP PLC
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 15
Average target price 2 407,99 GBX
Last Close Price 2 943,00 GBX
Spread / Highest target 1,94%
Spread / Average Target -18,2%
Spread / Lowest Target -42,1%
EPS Revisions
Managers and Directors
NameTitle
Milena Mondini de Focatiis Chief Executive Officer
Annette Elizabeth Court Non-Executive Chairman
Geraint Allan Jones Chief Financial Officer & Executive Director
Charlotte Bennett Head-Information Technology
Matt Wintle Chief Information Officer
Sector and Competitors
1st jan.Capitalization (M$)
ADMIRAL GROUP PLC1.27%11 466
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TRYG A/S4.22%9 827
PORTO SEGURO S.A.2.10%3 025
QUÁLITAS CONTROLADORA, S.A.B. DE C.V.3.64%2 312