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Revenue falls at Hastings amid rising claims inflation

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Firm said it would apply price increases to keep its full-year loss ratio within target.

Revenue has fallen at Hastings despite an increase in gross written premium (GWP), a trading update for the group reported.

GWP for the nine months to 30 September 2019 was £753.1m. This was an increase of 2% from £738.5m in the same period a year prior. 

However, revenue fell 2% from £574.1m to £563.8m.

The group blamed the fall on lower earned premiums and lower reinsurance commissions.

Toby van der Meer, CEO at Hastings Group Holdings, commented: “The market remained competitive in the

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