The International Transport Intermediaries Club (ITIC), a mutual insurer which provides professional indemnity cover for intermediaries serving marine, offshore and renewable and aviation customers, has reported annual premium growth in 2021/22 of 9.8% and will be returning US$ 8m in surplus funds to its members. Reporting its annual results for 2021/22, ITIC, together with its mutual reinsurer TIMIA, increased its free reserves from US$213.9m (31 May 2021) to US$221.9m (31 May 2022).
ITIC Chairman Lars Säfverström said:
“Strong finances, peerless levels of service, expertise and responsiveness make ITIC a very easy choice of insurance. Continuity credit is paid to renewing members and it effectively reduces the cost of insurance. With over 3,400 members and no external shareholders, ITIC provides professional indemnity policies at cost, designed around the specific requirements of those who the serve transport sector. One of the great strengths of a mutual insurer is the fact that the surpluses accrue to the membership, rather than to third-party shareholders.”
ITIC continues to retain approximately 96% of its members at renewal each year. ITIC is managed by Thomas Miller.
The mutual provides cover and detailed insight into the risk environment for a wide range of professionals including shipbrokers, ship agents, naval architects, ship & crew managers, air charter brokers, aircraft managers, designers and surveyors as well as professionals in the offshore energy markets.
Click here to view the annual report:
Financial Highlights - ITIC
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