Hastings grabs bigger share of UK car market as GWP rises

Insurance group Hastings has boosted its share of the UK private car insurance market to 7.2% as of 30 September, the company revealed in a third quarter trading update this morning.

This is an increase from the 6.4% share it had at the same point in 2016. It is also just ahead of the 7% market share it reported at the half-year stage.

The trading update also showed that gross written premium was up 25% to £714.3m in the first nine months of 2017 from £572.8m in the same period last year.

Net revenue for the group was up 22% to £538.3m (nine months 2016: £440.3m).

Live policy numbers rose to 2.6 million as of 20 September 2017 from 2.29 million a year ago.

Hastings chief executive Gary Hoffman praised the group’s “strong momentum”. He said: ”Whilst we have seen some short term market pricing fluctuations following the UK Government’s recent Ogden discount rate announcement, our premium and claims inflation have continued to show similar trends to those we reported at the half year.”

He added: “We are on track to meet all of our 2019 targets.”