Direct Line to cut 550 jobs amid motor insurance woes

Job Cuts and Turnaround Strategy: Direct Line Insurance Group plans to cut 550 jobs, about 5% of its workforce, as part of a turnaround strategy aimed at addressing challenges in its motor insurance sector after fending off a takeover attempt.

Financial Performance and Market Challenges: Despite a 5.5% increase in gross written premiums year-to-date, the company faces difficulties with customer retention, having lost 71,000 motor customers, while implementing price hikes to manage rising claims costs.