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The International Transport Intermediary Club (ITIC), a mutual insurer offering professional indemnity insurance, has reported annual premium growth of 9.8% in 2021/22 and will return $8 million in surplus to its members.
In reporting its 2021/22 results, ITIC and its mutual reinsurer TIMIA increased its free reserves from $213.9 million (31 May 2021) to $221.9 million (31 May 2022).
Lars Säfverström, Chairman of ITIC, said: “Strong financial position, unparalleled service levels, expertise and responsiveness make ITIC a very easy insurance option. Renewal points are paid to renewing members, effectively reducing the cost of insurance. ITIC has more than 3,400 members , has no outside shareholders, and offers a professional indemnity policy at cost, designed around the specific requirements of those serving the transportation industry. One of the great advantages of mutual insurers is that the surplus goes to members rather than third-party shareholders.”
provide cover
ITIC continues to retain approximately 96% of its members upon annual renewal. ITIC is managed by Thomas Miller.
The Mutual Aid provides coverage and details of the risk environment for a wide range of professionals including ship brokers, ship agents, ship builders, ship and crew managers, charter brokers, aircraft managers, designers and surveyors, and professionals in the offshore energy market. Insight.– arab trade news agency
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