# Direct Line Insurance Group renewal prices higher than they should have been

- Link: https://www.directorstalkinterviews.com/direct-line-insurance-group-renewal-prices-higher-than-they-should-have-been/4121126459
- Published: 2023-09-01T08:17:13+01:00
- Author: Ethan Davis

**Direct Line Insurance Group plc** (LON:DLG), as stated today by the FCA, is undertaking
a past business review relating to pricing in motor insurance and home insurance
following the implementation of the FCA pricing practices regulation from 1 January
2022.

An error in our implementation of these rules has meant that our calculation of 
the equivalent new business price for some customers failed to comply with the regulation.
As a result, those customers have paid a renewal price higher than they should have.

Redress will be paid to any affected policyholder. The current estimate of these
payments is in the region of £30 million of which half was provided for within the
Group’s 2022 full year results. 

This announcement is unconnected to the Direct Line Insurance Group announcement
made on 29 June 2023 in relation to the past business review of motor total loss
claims.

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