Claims inflation continues to bite at Hastings
Trading update reveals provider has restated its operating profit from £125m to £110m – a drop of 12%.
Hastings has been hit by elevated claims costs according to a full year 2019 trading update issued by the provider today (17 January).
The update revealed the group has seen elevated claims costs in the fourth quarter, with increases in repair and third party credit hire costs, slightly higher winter frequencies than the prior year, and a small number of larger bodily injury losses.
As a result, the 2019 calendar year loss ratio, before the impact of the July Ogden rate change, is expected to
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