Insurer’s shares fall as higher used car prices, costlier parts and longer repair times weigh on business
Direct Line has issued a profit warning, saying that the soaring prices of used cars, parts and longer repair times have pushed up the cost of claims.
Shares in the insurer plunged 13% on Monday – making Direct Line the biggest faller on the FTSE 250 – to its lowest level since 2013 as the company said that overall claim costs are rising at about 10%.
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