Direct Line Group loses 434k motor insurance customers due to 38% premium increase to £515.
Direct Line Group lost 434k motor insurance customers due to a 38% premium increase to £515. Motor insurance premiums increased by 35%, averaging £599. The company attributes the challenges to extreme weather and escalating claim costs, resulting in a 2% drop in shares. Despite the loss, the insurer aims to achieve £100m in cost savings by 2025 and a net insurance margin of 13% in 2026.
May 08, 2024
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