Top UK car insurer Admiral has announced its plans to move into providing home insurance cover from next year.
Admiral is currently responsible for insuring 6% of the cars on UK roads and also owns the price comparison website confused.com and elephant.co.uk. The insurance company now hopes to expand its product base by moving into home insurance.
As an established name in the insurance industry, making the transition into home cover shouldn’t be too difficult for Admiral as they will avoid having to fork out for expensive advertising and marketing campaigns by adding their home cover policies to their existing price comparison website.
Diversifying into new areas will be key to Admiral’s continued growth in the insurance industry and getting a foothold in the home insurance business will enable the company to expand further.
One expert insurance analyst is confident Admiral can make a success of its move into household cover if the company can identify, and target, a number of key areas of home insurance which are currently overpriced.
The news was first reported in an article in industry publication, Post Magazine. A spokesperson for Admiral has since confirmed the news. The insurance company could start underwriting home insurance from as early as the end of this year, although 2011 is a more likely date.
