29th Jun 2023 10:34
(Alliance News) - Direct Line Insurance Group PLC on Thursday noted recent press coverage regarding its business review of motor total loss claims, which the company is undertaking.
The insurance company said the review covers claims settled between September 1, 2017 and August 17, 2022.
It said it does not expect the review to have a material financial impact in 2023, adding that an estimate of potential payments the company will make as a result of the review was provided for within its 2022 financial year-end claims reserves.
On Wednesday, The Financial Conduct Authority issued a notice requiring the insurer to review its motor total loss claims for the period "to identify any policyholders who received unfair settlements and provide them with appropriate redress".
Shares were down 3.1% at 137.00 pence each on Thursday morning in London.
By Xindi Wei, Alliance News reporter
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