The company suffers a big hit to its share price after its decision, which it blamed on an almost doubling of expectations for weather-related claims.
Direct Line has seen its shares fall by a quarter after it scrapped its final dividend, blaming a flood of claims related to bad weather in the UK last month.
While motor insurers performed strongly during the COVID pandemic as few customers were driving, inflationary pressures and supply chain issues due to the pandemic and the war in Ukraine have pushed up the cost of repairs. "Things have gone from bad to worse," analysts at Jefferies said in a note, adding they expected the axed final dividend to"come as a major shock to the market".Shares fell by more than 25% in early deals.
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