StockMarketWire.com - Insurance company Hastings reported a decline in year-to-date revenue as claims volumes continued to increase in the third quarter.

For the nine months ended 30 September 2019, revenues decreased 2% to 563.8m as gross written premiums rose 2% to £753.1m.

Claims inflation elevated in the third quarter to a range of 7% to 8% with inflation experienced across third-party credit hire cost, repair costs and mid-range bodily injury costs, the company said.

Looking ahead, Hastings warned that if claims inflation continued, its full-year loss ratio could rise to the top of its target range.

The group continued to monitor claims trends and applied price increases to remain within its full year 75% to 79% target range, with the loss ratio at 79.1%, the company said.

'The full year loss ratio outlook will however be dependent upon claims experience during the fourth quarter and the loss ratio, before the impact of the Ogden rate change, could move from the top of the target range to slightly above should elevated claims inflation continue,' it added.

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