Insurance industry representatives have pushed back at perceptions that firms are “profiteering” during the cost-of-living crisis. Bosses appeared before MPs sitting on the Treasury Committee to answer questions about rising premiums. Labour MP Dame Angela Eagle put it to the insurance industry representatives: “There’s a perception out there that insurers are profiteering with the cost of their policies in what’s a very, very difficult time for many, many people, is that perception correct?” Cristina Nestares, chief executive of Admiral UK told the hearing: “Our internal estimates are more or less estimating that the cost of claims has increased by about 20 to 30%, when you look back at the past three years. “And then what happens sometimes is that when you sell insurance you sell insurance today to somebody for a 12-month policy. “But actually, the average of when you pay the claim could be two years. “First, because the accident can happen in the next 12 months, secondly because when the claim is paid depends on the complexity, if it’s a damage claim, windscreen or maybe if it’s a large bodily injury claim. So on average, it could take two years.” She said two years’ of inflation “is what...